For this purpose, insurers need large datasets, such as information related to data breaches so that they may properly calculate the loss/experience ratio. But in order to better tailor these policies to cyber risks, insurers need to be able to update their models. Of the existing cyber risk insurance policies, those that are geared towards small and medium sized businesses are standardised offers. 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.Ĭyber risk insurance exists, but more data is needed to improve the insurance products One of the many lessons that we have learned from the recent Covid-19 experience is that technology has helped businesses keep operating. Unfortunately, many of the existing cyber risk insurance products on the market are inadequate to respond to their clients’ cyber needs. Faced with new requirements, such as data security, prudent owners and managers are seeing the true value in obtaining cyber risk insurance. Just shy of GDPR’s two-year anniversary, businesses, from large multinationals to the corner store, must consider data protection in their operations. Their article was also published in Actuarial Post, April 2020, and can be found here. Partner Emmanuèle Lutfalla, Senior Associate Mathilde Gérot and trainee Simon Fitzpatrick discuss the use of General Data Protection Regulation (GDPR) in cyber risk insurance, in ITProPortal and PrivSec Report.Įmmanuèle, Mathilde and Simon’s article was published in ITProPortal, 26 March 2020, and PrivSec Report 27 March 2020 and can be found here and here respectively.
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