Cyber insurance has been growing in the UK market in recent years against the backdrop of increasing cyber attacks and data breaches - both in frequency and complexity. While cyber insurance cannot prevent data breaches, it is an important tool in recovering from one and minimizing the impact on business continuity and reputation.
Examine the key trends in cyber crime and how these will drive take-up of cyber insurance products.
Identify the regulation that is affecting the cyber insurance market, and its impact on insurers and how their customers report data breaches.
Analyze the potential growth areas of the market and how cyber insurance is likely to develop over the next few years.
How has the cyber insurance market developed over the past 12 months and where is it heading?
What are the most notable changes in regulation that will affect the cyber insurance market in the UK?
How are insurers pricing their products?
Where does insurance fit among the best methods of response to a cyber attack?
Initiating the right responses and involving the right experts in the post-data breach recovery process is vital for keeping claims costs at manageable levels. Failing to do so can quickly inflate costs.
A proficient pricing strategy will enable insurers to develop products covering a wider range of risks and ensure they are paid the right premium in return.
Cyber insurance will bring about a multidisciplinary task force whereby insurers collaborate with other cyber-related organizations to improve their understanding of the market and further develop their products.