Risk function and top management lack coordination over cyber threats
Monday, 06 08 2015, Category: Insurance and Reinsurance, Country: Europe
Better dialogue is needed between risk management, CEOs and boards at many European organisations to ensure they do not underestimate cyber risk or mistakenly believe they have relevant insurance cover in place, according to a leading expert speaking at CRE's Malta International Risk Congress 2015.
Graeme King, Senior Underwriter responsible for CMT and Cyber at Allianz Global Corporate & Specialty (AGCS), also said that a lack of data on cyber risk continues to make pricing coverage difficult and complicates decisions on relevant limits for insureds. But things are improving in this area, he added.
Speaking at the event this week, held in association with the Malta Financial Services Authority (MFSA), Mr King said that penetration of cyber insurance in Europe remains low at around 2% or 3%.
Source: Commercial Risk Europe