As cyber threats continue to increase, they are outpacing the ability of traditional insurance and risk management approaches to fully mitigate them.
The resulting cyber risk protection gap is a societal challenge that urgently needs collective action from both the insurance industry and the public sector.
In this report, Marsh McLennan and Zurich suggest ways of addressing the gap, including strategies to enhance the private cyber insurance market’s functionality and risk bearing capacity, identifying areas of limited insurability and non-insurability, and outlining potential principles for public-private partnerships.
We hope this paper will serve as a call to action so that the right partnerships can be put in place to help create a larger, more sustainable cyber insurance market.
Closing the cyber risk protection gap
This report addresses issues including:
- Strengthening resilience to manage catastrophic risk
- Addressing the challenges of scaling the cyber insurance market
- Understanding the spectrum of insurable and non-insurable risks
- Exploring the potential for a public sector role in managing catastrophic cyber risk
