There has been a big push from the insurance industry to underwrite cyber risk.

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There has been a big push from the insurance industry to underwrite cyber risk. It’s well known and understood that they are underwriting a risk that they do not understand, with policies which do not clearly articulate the exact levels of coverage. Which has forced regulators like the Prudential Regulatory Authority and the Lloyd’s Market to ask the industry to clarify underwriting risk and exposure.(https://lnkd.in/eFTnGBX)

Cyber presents an interesting number of challenges to insurers, which they are starting to recognize. The impact of a cyber attack is not predictable, cyber-attacks can be geopolitical and corporate. These’s a significant gap in knowledge between cause, effect and impact at the board table and companies are still struggling to address cyber risks as cyber in general is not a issue board focus on.

So is there a market correction for cyber insurance on its way. As the cyber insurance industry reassesses policies and coverage in line with risk, reward and above all data?

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