Cyber risk continues to grow and evolve as new technologies are introduced, existing technologies are enhanced, and society’s dependence on information technology expands. Global cybercrime has reached unprecedented levels of reach and sophistication, business and economic sectors are exposed to growing levels of dependency on information technology systems and applications, and there is now a resultant increased focus from governments and regulatory authorities leading to the amendment, revision and introduction of varying forms of legislation and regulation seeking to address this risk.
The insurance industry is generally very responsive to emerging risks, such as Cyber; however as a result of the rapid rate of growth and evolution in Cyber risk, there is a significant variance between competing Cyber insurance solutions and insurers. The scope of what can be insured is quite broad, and without expert assistance, businesses run the risk of having critical coverages omitted from ‘standard’ or ‘off the shelf’ Cyber insurance policies.
Understanding is the foundation of Our Approach and if your organisation is keen to take a proactive approach to the identification, analysis, management and transfer of Cyber risk we can and would welcome the opportunity to assist you to define your exposure and effectively manage and / or transfer it. Where our analysis identifies or validates that an insurance solution would benefit your organisation, we will work with you to design and / or source the right coverage for you.