Oliver Brew, Head of Client Services and Laurel Di Silvestro, Principal Client Services Manager explain why the changing cyber risk landscape creates a need for a multi-faceted approach.
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The cyber insurance market can learn lessons from the experiences of the natural catastrophe insurance industry, although the unique characteristics of cyber risks mean that there are as many differences as there are similarities for this risk compared to natural catastrophe modeling.
While the (re)insurance industry faces challenges when taking into account the evolving impact and understanding of natural catastrophe risks, the rapid pace of evolution in the recent man-made world of cyber risk perils does not allow the same opportunity to observe, learn, and adapt from past data and models.
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