Enhancing the Role of Insurance in Cyber Risk Management
The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, recent major incidents have highlighted the digital security and privacy protection risks that come with an increased reliance on digital technologies. While not a substitute for investing in cyber security and risk management, insurance coverage for cyber risk can make a significant contribution to the management of cyber risk by promoting awareness about exposure to cyber losses, sharing expertise on risk management, encouraging investment in risk reduction and facilitating the response to cyber incidents. This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. It includes a number of policy recommendations which support the development of the cyber insurance market and contribute to improving the management of cyber risk.
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The cyber insurance market
This chapter provides an overview of the cyber insurance market, including the types of losses that are commonly covered across stand-alone cyber insurance policies and traditional policies and also the losses that are more difficult to cover. It provides some data on the size of the stand-alone cyber insurance market, penetration levels and pricing, as well as information on how insurers underwrite cyber insurance coverage approach and the additional risk mitigation and crisis response services that are often offered with cyber insurance policies.
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