Moody’s RMS has revealed its Cyber Industry Steering Group, a collaborative initiative aimed at fostering the expansion of the global cyber insurance market.
Munich Re and Gallagher Re, and global cyber risk management leader Bitsight have joined the steering group as founding members, with additional industry partners expected to follow.
Derek Vadala, chief risk officer at Bitsight, said, “Bitsight is excited to further expand its partnership with Moody’s RMS by joining other leaders in the insurance industry in helping manage this critical, exponential risk.”
Barriers preventing the cyber insurance sector from expansion include a lack of standardisation across various market functions and a lack of confidence among insurance boardrooms, investors, and regulatory bodies regarding cyber risk.
The members of the steering group all share an interest in growing the cyber insurance market.
They will aim to guide the group in creating a long-term strategy that enhances risk analytics transparency and reshapes the industry’s perception of cyber risk, with the hope of providing assurance and confidence for the industry to seize growth prospects.
Jürgen Reinhart, chief cyber…
