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Enhancing the Role of Insurance in Cyber Risk Management

image of 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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Types of cyber incidents and losses

This chapter provides an overview of the different types of cyber incidents, based on a categorisation approach developed by the CRO Forum, as well as the types of losses that may result from these incidents. Where available, data is presented on the magnitude of losses from past incidents including trends in the magnitude of losses and some of the drivers of cost variations across different countries (such as differences in terms of notification requirements).

English

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