Helping EMEA organisations better understand the interconnectivity among multiple lines of insurance.
Daily news reports disclose the latest technology developments and related cyber perils. The risk industry has to keep up with a constantly evolving environment in an everyday battle for relevance. The cyber insurance market in Europe is growing to meet this demand. However, there are lessons to be learned from the maturity of the US market.
Organisations must identify cyber perils and model potential cyber related losses based upon their unique set of business operations. This should incorporate an enterprise wide approach to understanding mission critical assets and the potential relevant attack paths that could result in a material incident. The cyber loss spectrum is not identical for each organisation. Therefore, the analysis of which lines of insurance could cover a cyber loss is also not identical. When considering insurance protection for cyber risks, organisations should make an informed decision as to how much and what type of insurance to purchase, and how that insurance mitigates larger cyber risks.
Insurance, including any form of cyber insurance, should be complementary to a robust cyber resiliency risk management approach. Organisations should identify and protect their critical intangible assets by aligning cyber enterprise risk management strategy with corporate culture and risk tolerance, protecting against unbudgeted loss and balance sheet volatility.
Our report helps organisations in EMEA to better understand the interconnectivity among multiple lines of insurance, focusing on:
- Addressing cyber as a peril to achieve cyber resiliency
- Increasing recognition of the financial statement impact
- Cyber insurance and understanding potential gaps
- “Silent” and affirmative cyber coverage under other lines of insurance
- Next steps to help organisations make informed decisions when purchasing insurance for cyber risks