The annual economic cost of cyber-crime is skyrocketing, yet only a fraction of that loss is currently covered by insurance.
Given these staggering economic losses, and the increasing frequency with which attacks occur, it’s no surprise that cyber insurance is increasingly being recognized as a critical tool to enhance cyber resilience. The Organisation of Economic Co-operation and Development (OECD) and other policymakers around the world are recommending actions to stimulate cyber insurance adoption.
Yet cyber insurance has relatively low take-up rates, as many directors and management teams are unsure how to assess its value, or what role insurance should play in their organization’s larger risk management framework.
In the event of a debilitating attack, cyber insurance and associated services can limit an organization’s financial losses and help accelerate its recovery. This report from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors outlines what directors need to know to position cyber insurance within a comprehensive risk management framework.
