A new Federation of European Risk Management Associations (FERMA) report, produced in partnership with Marsh and Howden, has reinforced the message that cyber insurance should not be seen as a replacement for robust cybersecurity measures, but should rather act as a “complementary tool” to help organisations manage and transfer financial risks associated with cyber incidents.
FERMA’s latest cyber report, Demystifying Cyber Insurance: Today’s Trends & Tomorrow’s Challenges, explores the role of cyber insurance as a cornerstone of comprehensive resilience strategies, targeting key stakeholders across the market, including re/insurers, brokers, risk managers, and corporate insurance buyers.
According to the firm, persistent doubts remain within the risk management community about cyber insurance.
FERMA’s study highlights long-standing concerns among European risk managers, including exclusions, particularly for war and systemic risks, the removal of cyber cover from traditional policies amid fears of broader exclusions, coverage gaps, claims handling issues, and low uptake among companies, especially SMEs.
Philippe Cotelle, the chair of FERMA’s Digital Committee,…
