The need for the insurance industry to share data to deepen understanding of cyber risks was one of the main points highlighted by Trevor Maynard, Head of Innovation at Lloyd’s, in a recent presentation.
As the keynote speaker at the International Underwriting Association’s (IUA) Developing Technology Monitoring Group conference in London, Maynard analysed the impact of new and evolving technologies.
He talked through the process at Lloyd’s to scan the horizon for new risks to help increase understanding and facilitate product development. Cyber first came across the insurance market’s radar in 2009, culminating in Lloyd’s first report on the sector.
Post his speech, I asked Maynard to elaborate further on the importance of sharing information. “We are always saying as an industry, if our clients can share data we can understand the risk better,” he said. “People worry about reputation risk, governments worry about security risks, but if we define more ways to share data that would be beneficial.
“Data can be anonymised, we do not necessarily need the full details but some sense of frequency and severity would be helpful. If there was a way of sharing in a safe space, then ultimately everyone benefits.”
Admiral (ret) Mike S. Rogers, the former Director of the National Security Agency (NSA) and Commander of US Cyber Command, at CyberCube’s Foresight conference in London, also highlighted the need for partnerships last month. “Data gives us knowledge and insight," he said. "We can understand the dynamics in the environment and combine it with knowledge and insight."
At CyberCube, we are dedicated to solving these difficult problems of estimating frequency and severity of cyber losses by bringing together multiple data sets from different perspectives across cybersecurity, loss data and company data, reflecting the multi-dimensional nature of this fast-evolving risk.