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Travelers joins the queue of insurance companies publishing their annual evaluation of corporate risk. Their 2024 Risk Index identifies concerns over cybersecurity at an all time high. While numbers are always subjective, the survey identifies concerns similar to those identified by other recent industry surveys by Zurich Insurance or Munich Re.
With cyber attack frequency, complexity and severity increasing and with insurers applying exclusion clauses. It is challenging for the insured and insurer to balance the risk transfer equation and insurance alone does not provide the necessary corporate protection left or right of bang. As highlighted in the report only 65% of those surveyed had cyber insurance.
Therefore how do we close the protection gap? With cyber regulation developing quickly, pushing cyber into board rooms, boards will be required to engage on cyber risk management. As was discussed by the Australian Securities and Investment Commission (ASIC) this month directors will be held accountable for cybersecurity risk management.
The risk transfer equation has to balance both the requirement for organisation to take responsibility over cyber risk management and solutions from the insurance industry to manage residual risk, in the event of a cyber incident. 99% of companies(SMEs) find it difficult to manage cyber, they are those where to coverage gap is felt most.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance
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