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Cyberinsurers Are Struggling and Looking to Congress for Help

Publisher IDC
Published Aug 05, 2024
Length 5 Pages
SKU # IDC19072476

Description

Cyberinsurers Are Struggling and Looking to Congress for Help


This IDC Market Note discusses how cyberinsurers are struggling and look to congress for help. On June 27, 2024, a congressional hearing was held regarding cyberinsurance with the intention of understanding how cyberinsurance is being utilized by critical infrastructure organizations. This has become a critical issue given the increased warnings of potential hacking from China and Russia. Cyberinsurers have expressed that they need more flexibility in determining what they will and will not cover in their cyberinsurance policies. The problem stems from the desire of cyberinsurers to use historical data as they have done for years in the non-cyberworld to work their financial models and underwrite policies. There is little to no historical data to base their premiums on in the event of a cyberincident. Cyberincidents are continuously increasing in sophistication and end up being completely different from prior or historical incidents. Rather than bringing innovation to the cyberinsurance world, the cyberinsurers' answer is to make cyberpolicies fit cyberinsurers' needs, which is why cyberinsurers are requesting flexibility in coverage offerings and suggesting that companies should not standardize on cybersecurity policies.

Please Note: Extended description available upon request.

Table of Contents

5 Pages

Executive Snapshot

In This Market Note

Background

A New Approach Is Needed

IDC's Point of View

Key Takeaways for Cyberinsurers and Policy Holders

Redesign Cyberinsurance Practices

Lobby the Government for Changes

Institute Annual Comprehensive Cybersecurity Assessments

Implement Continuous Monitoring of IT Estates and Practices

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