Collaboration among stakeholders in the risk and insurance industry to tackle evolving cyber risks is essential, a recent report from Federation of European Risk Management Associations (FERMA) has stated, with individuals like Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, highlighting that re/insurance cannot absorb the number of risks that come with rising cyber incidents alone.
Commenting on the report, Kreuzer mentioned a number of relevant points that he believes highlight how cyber re/insurance is already driving cyber resilience. At the same time, he also emphasised that collaboration is key as neither insurance nor reinsurance alone can absorb the amount of risks that come with rising cyber incidents.
He said: “I think it’s very important to note that cyber insurance and cyber reinsurance already are a key driver for cyber resilience. You were mentioning security controls, you were mentioning expertise that we all add to the market, and I think that…
