The cyber insurance market is set to grow at a compound annual growth rate of 25% between 2022 and 2028, to reach a market size of US$28 billion, according to RMS. But the nascent cyber market is different from long-established natural catastrophe peril markets, which are well understood in terms of loss experience and is underpinned by trusted analytics from catastrophe models. Unlike natural catastrophe risk diversification, where insurers can diversify risk by geography or peril type, the cyber landscape is too complex and highly uncertain. Is it time to manage cyber risk like catastrophe risk?
Join us 10 a.m. EST, Sept. 22, for a free webinar, offered in partnership with RMS, where we will explore how reinsurers should be preparing for a cyber catastrophe.
Discussion questions include:
--How do you define a cyber catastrophe?
--Has the insurance industry already experienced a cyber catastrophe?
-- How should reinsurers be managing their cyber risk when the average time to detect and contain a cyberattack is nine months, (according to The Cost of Data Breach Report by IBM)?
--How have cyber cat models evolved?
--What should reinsurers be doing to manage their aggregation risk?
Panelists include:
Matt Harrison, Director, Product Management, Cyber at RMS
Robert Ashton, CEO, Radius Specialty Limited
Simon Dejung, Global Line Cyber, Chief Underwriting Officer, SCOR SE
Dr. Stephan Brunner, Cyber Actuary, Munich Re
Moderator:
Meg Green, Managing Editor, Insider Engage