According to Kelly Butler, UK cyber leader at Marsh, cyber remains a top priority and there is a disconnect between the insurance world and the cyber security world.
Marsh’s cyber team is looking at its own portfolio to segment its book in terms of business size and cyber risks to work out efficiencies and assess risk management.
Butler commented: “Cyber insurance isn’t the silver bullet. It’s part of an overall risk management approach and it’s not to replace anything, it’s there to complement. We do a lot of work with clients for them to understand the value that cyber insurance brings.”
Price surge
In November, Marsh revealed cyber pricing has risen by 4% in
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