In September 2023, Moody’s announced the launch of its Moody’s RMS Cyber Industry Steering Group alongside founding members Axis Capital, Bitsight, Gallagher Re and Munich Re.
The group was created to help the industry better navigate the dynamic cyber risk landscape, manage cyber accumulations with increased confidence and deepen understanding of systemic risks and tail exposures.
It has already been initiating important research projects, developing improved cyber risk assessment tools and leading a series of market education initiatives. The group believes that by advancing the industry’s understanding and quantification of cyber risk, this will help to attract capacity and support the market’s sustainable growth, and group members have been explaining some of the issues the industry faces.
CrowdStrike raises questions
Material supply chain incidents including the CrowdStrike event have highlighted the complex challenges and importance of understanding risk aggregation and how the insurance market can best manage widespread events.
Group member Jürgen Reinhart, chief cyber underwriter at Munich Re, commented on the recent CrowdStrike event: “It once again focused…
