Better data key to cyber risk underwriting, say practitioners
Lack of loss data means predictions are a problem
Modelling cyber risk will always be difficult due to a lack of loss data, but risk managers can help themselves by drawing on business continuity plans, the OpRisk North America conference in New York heard yesterday (June 20).
“Insurers are basically making decisions [about cyber coverage] based on their guts, because the loss information is not there. We’re seeing people struggle a bit,” commented John Doherty, an IT partner at EY.
Other speakers at the event warned cyber risk specialists
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