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The challenge for insurers is multi-fold, the industry does not have time on its side when it comes to cyber insurance. Cyber attacks, their severity and complex is increasing at a greater rate that industry can address them. There are not enough resource in the market place for insurer to pull on to enable services. With the advent of AI and recognition that cloud security is a problem insurers need to develop solutions quickly. Solutions that industry has been struggling to develop for several years.
The perception gap aligns with the coverage gap. Address one and you will start to address the other, but only if there are a robust suite of solutions for the insured to address ‘Left of bang’ cyber compliance.
Cyber regulation maybe an opportunity for insurers. Cybersecurity risk management governance, oversight and assurance are a legal and compliance issue for boards. Requiring boards close the ‘Perception Gap’.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cyberriskmanagement #cybersecurity #cyberinsurance #cyberregulation
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