“In our increasingly digital world, the demand for cyber insurance continues to outpace supply, and many experts point to the lack of sufficient actuarial data as the main challenge for underwriting cyber risk.”
– Michael Riley
According to Michael Riley (Managing Director, Insurance, Accenture), cyber insurance premium value grew up to $1.35 Billion in 2016 alone.
Analysts noted that there is a solid background for traditional insurance risks and loss expectations such as catastrophe and natural disasters. It’s been fairly well modelled and understood over the years. But available data for cyber risk and threats remains in its infancy, this often makes it hard for insurers to establish terms and conditions; and deliver a pricing strategy that is apt.
The Cyber Insurance market is growing, but the pain points still persist
There are positive signs that the cyber insurance market is developing. We are seeing more transparent policies, fewer contentious claim holdups, and insurers with a better understanding of cyber risk.
What are the roadblocks to boosting uptake?
- Confusing policy wording and inconsistent cyber terminology
- Pricing hikes
- IP and reputation covering gaps and;
- Disconnected purchase decisions due to internal discord
CISO’s are choosing their cyber insurance broker wisely
The most important relationship in the cyber insurance world is that of the CISO and broker. Whether it’s selecting an appropriate cyber insurance carrier, updating your policy constantly or handling major claims. CISO’s are ensuring that the broker’s policy and priority cover all their needs.
What are they looking for?
- Services offered
- Cybersecurity acumen
- Partner ecosystem
- Good experiences from existing customers
In an evolving and incredibly complex cyber landscape cyber insurers need to map out where they stand in the market and make sure your policy stands out!
Don’t miss out on industry leaders that will give you the right direction to build your business in the cyber insurance space at the Cyber Insurance One Day Intensive Conference on 4th December 2018 at the Sydney Boulevard Hotel.