This blog highlights top data points and events from Q2,2019 that gives us insights into the cybersecurity landscape and where cyber insurance is heading.
In an article published by the Wall Street Journal on June 4 titled “The Ins and Outs of Cybersecurity,” one thing is clear: there’s a need to demystify cyber insurance and underwriting.
The insurance community needs to continue to be vocal and repetitive about the virtues of a cyber policy and perhaps provide more transparency around underwriting.
Over the course of four workshops from October 2016 to January 2018, over 75 experts joined a working group at the EastWest Institute to explore and increase the understanding of systemic cyber risk and cyber insurance. The resulting report published this week brings light not just on why this problem exists, but what can be done at a policy and market level to manage it.
The insurance industry has a role to play beyond financial loss indemnity and recovery. Will organizations, incentivized by ROI for their insurance program, increasingly look to their insurers to manage risk rather than the cybersecurity industry?