Cyber insurance is a product that has been created to counter residual risk associated with the information systems of asset owners. Despite the large number of developments that have taken place over the last few years, the cyber insurance market is yet to receive the anticipated adoption rate. While some regions have made progress on the basis of supportive legislation, it is found that in comparison with other insurance sectors, the state of cyber insurance is at a less mature stage.
With the general data protection regulation (GDPR) being adopted on April of 2016 , and network and information security (NIS) directive on July 2016, the need for cyber insurance is anticipated to grow; a growth that can be embraced by enabling an informative product development and adoption.
The objectives of this report are to:
- Raise awareness for the most impactful market advances, by shortly identifying the most significant cyber insurance developments for the past four years (2012-2016)
- Capture the good practices and challenges during the early stages of cyber insurance lifecycle (i.e. before an actual policy is signed) – laying the ground for future work in the area.
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