CyberInsurance Predictions for 2023>
Security Boulevard – Mark Rasch
INCREASED DEMAND FOR COVERAGE “Cyber” policies not only have to cover data theft and data loss, but new types of fraud schemes, identity thefts and false personations, business email compromise and funds transfer schemes, losses due to cryptocurrency fluctuations and lack of access to crypto trading platforms, SIM swap and authentication scams and losses of data integrity, reliability and resilience. GREATER AWARENESS OF THE IMPORTANCE OF CYBERINSURANCE As insurers move to eliminate cybersecurity-related risks from ordinary CGL or other policies, companies increasingly recognize the need to supplement their normal insurance policies with cyberinsurance policies, but often do not understand the risks they are attempting to mitigate. A WIDER RANGE OF COVERAGE OPTIONS As the demand for cyberinsurance increases, insurers are likely to offer a wider range of coverage options to meet the needs of different businesses and organizations THE INTERPLAY BETWEEN CYBERINSURANCE, D&O, GCL, KRE AND PUBLICITY POLICIES It is important for businesses to understand the interplay between these different types of insurance policies, as this can help them to ensure that they have the coverage they need to protect against the full range of risks they may face. GREATER COLLABORATION BETWEEN INSURERS AND CYBERSECURITY COMPANIES For example, some insurers may partner with cybersecurity firms to offer risk assessments and other services to their clients, helping these businesses to better protect themselves. In addition, insurers already require potentially covered entities to conduct (and pass) regular third-party cybersecurity assessments or audits as a precondition for coverage or to answer a series of questions about their cybersecurity programs. THE ROLE OF GOVERNMENT IN REGULATING AND PROMOTING CYBERINSURANCE n some cases, this may involve the development of mandatory insurance requirements for certain types of businesses or organizations, such as those in the health care or financial sectors. THE EMERGENCE OF CYBERINSURANCE AS A STANDALONE PRODUCT In the past, cyberinsurance was often bundled with other types of insurance such as property or liability coverage. THE USE OF CYBERINSURANCE TO INCENTIVIZE GOOD CYBERSECURITY PRACTICES his trend is likely to continue in the coming years as insurers seek to encourage businesses to prioritize cybersecurity. In addition, some insurers may offer services or resources to help businesses improve their cybersecurity practices, such as risk assessments or training programs. THE GROWTH OF CYBERINSURANCE IN EMERGING MARKETS THE GROWTH OF CYBERINSURANCE IN EMERGING MARKETS This trend may be driven by the increasing adoption of technology and the internet in these regions, as well as the growing awareness of the importance of cyberinsurance. THE IMPACT OF CYBERINSURANCE ON THE BROADER INSURANCE INDUSTRY For example, the increasing demand for cyberinsurance may lead to a shift in the way that insurance is sold and marketed, with insurers focusing more on the risks associated with technology and the internet.
Link: https://securityboulevard.com/2023/01/cyberinsurance-predictions-for-2023/