The next question is how a decision by Beazley to shrink its revenues from cyber insurance and step back from the market will affect the rest of the…

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The next question is how a decision by Beazley to shrink its revenues from cyber insurance and step back from the market will affect the rest of the market? Beazley is a ‘Pioneer’ in the cyber insurance market and also a reinsurer. What happens to the capacity that Beazley may no longer cover?

How will the other insurers react to the decision, as they face the same challenges as Beazley. The decision is significant, as the cyber insurance markets consider the realities of cybersecurity, risk management, and cyber insurance.
– Most covered companies find it difficult to manage cyber risk.
– Cyber threats are continually rising. Cyber is a national security threat.
– Limit of liability by some insurers.
– The coverage gap is increasing.
– Cyber insurance profitability is being questioned.

The vast majority of the market is made up of SMEs, which cannot afford to manage cyber risk. Relying on cyber insurance to mitigate the risk they carry.

@Thaddeus Dziekanowski Brian D. McCarthy

Veritas GRC

#cyberriskmanagement #cyberinsurance

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