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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Executive summary
Economic and commercial operations have become increasingly reliant on digital technologies which face a constant threat of disruption due to human error or malicious attacks. The potential for serious economic and commercial repercussions, illustrated most recently in the millions of compromised records at Yahoo and Equifax, the disruption of major websites by a denial-of-service attack on Dyn and the hundreds of thousands of computers compromised by the WannaCry and NotPetya ransomware attacks, has meant increasing investment in safeguarding the confidentiality, integrity and availability of information and information systems.
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