Press Release - MAY 06, 2019
AM BestTV at RIMS: A Key to Underwriting Cyber Risk Is Getting the Right Data, Says Panel
FOR IMMEDIATE RELEASE
OLDWICK - MAY 06, 2019
Michelle Chia, senior vice president, head of specialty products, errors and omissions, Zurich North America, highlighted what she sees as the greatest challenges in understanding and managing cyber risk.
“Definitely simplifying is one of those things that we need to do more when it comes to cyber risk,” said Chia. “The other thing that is really challenging for customers and companies is that as technology continues to evolve, cyber risk also evolves. … As the world becomes more interconnected, there is an increase in reliance upon protecting not only yourself but all those in your ecosystem, as well as identifying what those potential challenges will be in the future due to innovation.”
Adapting cyber policies to account for silent risk exposures remains a challenge for underwriters.
“It is this risk of cyber incidents that causes loss to non-cyber policies,” said Scott Stransky, assistant vice president, AIR Worldwide. “All the clients that we talk to are very concerned about this type of risk because it is not quantifiable. … Our view is that over time there is going to be less and less of this silent cyber. It is either going to be covered under a pure cyber policy that covers everything, or it will be put back into the individual risks.”
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