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Thanks Gerry Kennedy, the insurance industry is at a fork in the road of difficult choices, that are not mutually exclusive.
The insurance industry wants to write policies for cyber insurance as a new business class, and sees significant growth opportunities; cyber compliance of insurance clients is at best low, hence the cyber regulation; cyber regulation and legal risks are rising for the insured creating compliance problems; cyber has been highlighted as a national security risk; the aggregation losses associated with cyber are an issue for the reinsurance market, aka cyber is a significant risk and insurers are reaching out for exclusion clauses. All this points to either an opportunity for the insurance industry to facilitate change or an expensive time ahead. Either way the level of cyber compliance for insurance clients will have to change.
Which way does the industry want to go and how will it get there? ‘Customers are not permitted here to be cyber insecure….’ ,no proof of compliance, no cover? ‘And don’t be economic with the truth, the potential losses are to high, we may challenge you in court’
Ted Dziekanowski Alexander Rae ACII Dean Armstrong KC George Doughty AMAE
#cybersecurity #cyberinsurance #cyberlaw #theaugustagroup
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