The cyber liability insurance market rises
As reports about cyber risk in the press and board agendas abound, companies are looking to manage that risk. Even with mitigation, risk always remains.
A cyber insurance program covering those losses is increasingly seen as part of the solution.
Insurance solutions have been brought to market by innovative insurers. Still, risk managers are frustrated at the lack of available coverage at reasonable terms, while insurers marketing the coverage are frustrated that the market has not taken off. Brokers are stuck in between.
In time, cyber risk will support a vibrant new insurance market. For insurers, barriers to offering more economical coverage include the lack of claim history to use in pricing, and a hard to quantify clash potential. How cyber is covered depends on the needs of the insured.