The insurance market has been told it needs to come together to support its risk management clients around the access to and the understanding of the cyber cover currently on offer.
Speaking at the Airmic annual conference in Manchester, Brian Warszona, UK cyber growth leader, cyber, media & technology practice leader, UK at Marsh said some risk managers were still looking to understand the product.
“We have seen businesses looking to understand the answers to key questions around cyber insurance,” he explained. “What is covered, what is it, and what benefit does it bring to my business?”
Warszona continued: “There needs to be more understanding of the risks and the solutions. Risk managers should do some modelling to understand their risks. When they get the results, they need to read through them carefully, not simply flick through the data.”
He added that although the insurance industry has been offering cyber products for 25 years it still has a long way to go, a process which is challenged by the rapid rate of technological change.
“We are still developing the market but we are making strides to make it a lot clearer as to the products and their use,”…
