Cyber Insurance Research Findings (June 2022)

The insurance of cyber risk continues to evolve as the world increasingly becomes ever more digitised and interconnected.

2021 was a defining year for the cyber market – with significant rate increases in both the insurance and reinsurance markets and pressure building (via, among other things, recent cyber incidents like the Colonial Pipeline and Log4j) on carriers to clarify whether the peril of cyber is covered under non-cyber (re)insurance policies.

To understand the reasons behind these dynamics, it is necessary to take a deep dive into the risk of cyber, how it happens, why it happens, and the consequences. The (re)insurance fundamentals for this class of business need to be understood as well as the tools and processes used in the underwriting and risk modelling. How do (re)insurers select which risks to cover? What are the common terms and conditions (and why)? What granularity of data is required for future underwriting success?

In this study, we examine cyber risk from four different aspects. We start by giving an overview of the cyber threats before detailing how organisations can insure against these threats. We then examine the insurance coverage available to insure (and reinsure) against these threats. We provide an overview of the latest thinking and mathematical modelling approaches on how insurers and reinsurers quantify and price cyber risk before giving an overview of cyber risk and loss management.

Written by practitioners, this comprehensive publication is useful for anyone wanting to gain an insight into cyber risk and how it is approached in the insurance and reinsurance market.

Please be advised:
The Insurance Institute of London and those individuals who give lectures and/or produce papers under its auspices are mindful of the need for such material to be as complete and accurate as the occasion requires and permits. However, such material is not represented to be a full and authoritative statement of the law or practice relating to any of the issues covered and no liability for any error or omission or for any opinion expressed will be accepted by the speaker or writer, their employer or the Institute.

If you are a contributing author to this publication, to obtain a more advantageous discount, please contact Susan Phillip -

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