This has huge market potential owing to the scale and magnitude of cybersecurity breaches. Current products are characterized by inadequate coverage, high premiums, too many exclusions, restrictions, and uninsurable risks. Factors such as lack of historical data, lack of understanding of qualitative and quantitative nature of the ever-evolving risk, and uncertainty about the extent of financial impact hinder market expansion.
Goals and Objectives
- Leverage the power of internal and external data (data collation initiatives by governments, associations such as ABI and NAIC, and reinsurance companies) to effectively select and price risks.
- Use available tools and technologies that are slowly but surely evolving in the cyber-risk exposure monitoring, analysis, and assessment space to offer innovative coverage and address current gaps.
- Big Data
- Advanced analytics
- Cognitive technologies
- Next-gen security
- Automated underwriting systems
- Digital platforms
Use Case Summary
Exploit the huge potential of the cyber-insurance market in the wake of ever-evolving cyberthreats in the digital and connected world and increased regulatory requirements for businesses across the globe. Extend the existing coverage to address gaps to gain confidence among businesses to consider cyber insurance as one of the key aspects of their cyber-risk management strategies.