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The insurance market is slowly waking to the effects of cyber regulation on D&O and cyber products. The SEC final is the first cyber regulation with global and industry agnostic effect.
One suspects as insurers come to terms with cyber regulation they will realize the information required to be provided to regulators, is a formal source of information on the client cyber posture and maturity. As we write in our paper published today on what is adequate compliance to the SEC final rule (https://lnkd.in/eycth2S8), covered entities will start to take control and treat their cyber risks, as cyber risk management is required of boards of registrants. As they implement the necessary and appropriate governance, risk management frameworks, controls, and reporting to demonstrate material risk management and incident oversight, assurance and attestation.
Unfortunately for the boards of covered entities regulation this will likely mean a revision of the D&O and cyber insurance market. As insurers work out how to increase GWPs, manage regulatory capital and loss ratios, with the opportunities that cyber regulation brings for clarity over cyber risk management, and the data their clients are now required to collect. Insurers can get the ‘Left of Bang’ data required to better underwrite polices.
Along with our thought leadership we provide boards with the tools to build appropriate governance, risk management, oversight and assurance for cyber regulatory compliance. Please reach out if you would like to know more.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation
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