The market for cyber insurance is expected to reach $14 Billion by 2022. Many companies, large and small, have purchased it already or are in the process of evaluating. Technical information security professionals are being asked to participate in this process with little to no background information on the commercial insurance industry as a whole, and more specifically the cyber insurance market.
Many insurance carriers are piling into the market but is there a lack of real and valuable data. They are focused on increasing market share and profitability. Cyber insurers need to focus on pricing this risk correctly, otherwise the financial risk could devastate market participants. What data would be more useful for cyber insurers to better understand, price and write this risk?
This talk will explore an (hopefully not boring) overview insurance industry as a whole, specific cyber policies that are currently being written, how this risk is priced, what data would be more useful for insurers to use to underwrite and an overall focus on what cyber insurance can do for the cybersecurity industry as a whole.
