A new study of the UK cyber risk insurance and broker community reveals startling findings. First and foremost, the insurance industry needs to address non-affirmative cyber in a meaningful way. Second, measurement of cyber risk in financial terms is highly deficient among insurance customers and the insurance industry itself.
More than three-quarters (77 per cent) of UK cyber risk insurance brokers and insurers believed that the insurance industry needs to urgently address non-affirmative cyber or ‘silent cyber’ in a deeper, more meaningful way. Silent cyber refers to instances where cyber perils (such as service interruption or data breach) are neither explicitly included, nor explicitly excluded, by an insurance policy’s wording. There was also a recognition that this problem could not be resolved swiftly, according to 22 per cent of respondents.
Read more about the new study of the UK cyber risk insurance and broker community on Help Net Security.