Just shy of GDPR’s two-year anniversary, businesses, from large multinationals to the corner store, must consider data protection in their operations. Faced with new requirements, such as data security, prudent owners and managers are seeing the true value in obtaining cyber risk insurance. Unfortunately, many of the existing cyber risk insurance products on the market are inadequate to respond to their clients’ cyber needs. One of the many lessons that we have learned from the recent Covid-19 experience is that technology has helped businesses keep operating. But the slapdash transition to working from home demonstrates that cyber security needs to be taken seriously and insurers need help in creating the bespoke products that can reassure businesses in the same ways that their other policies do.
Cyber risk insurance exists, but more data is needed to improve the insurance products
Of the existing cyber risk insurance policies, those that are geared towards small and medium sized businesses are standardised offers. But in order to better tailor these policies to cyber risks, insurers need to be able to update their models. For this purpose, insurers need large datasets, such as…
