Editorial by Les Wong
This month’s InsurTech Insights looks at cyber security and its implications for the insurance industry. Dovetailing with this edition we are hosting a webinar on the same topic, on Thursday 5 December 2018. For more information please follow this link as registration is open now.
With the pace of change in our world, individuals and companies are increasingly demanding to be more connected, is the insurance industry able and prepared to meet the future demand?
Vincent Maret, Partner and Head of Cyber Security Services, from KPMG France, provides a good overview on how a variety of different corporates are handling the cyber threat. There are many interesting points which give food for thought, especially as many CEOs globally are aware of the increasing cyber risks to their business but nearly half believe they may not be adequately prepared for a cyber-attack. Vincent then talks about the challenges the insurance industry faces to address this growing problem.
Rick Huckstep, in his article, reminds us how cyber cannot be viewed and treated by (re)insurers like other more traditional lines of insurance. He highlights the views of two giants of the business world, who have influenced and shaped the traditional global commercial insurance industry for years, but now have totally opposite views – time will tell who is right. Rick then gives four interesting examples from the world of InsurTech showing new ways of approaching and addressing the cyber security challenge and asks if this is the future way we should view this class of risk?
For me, I enjoyed reviewing both articles which made me wonder whether the insurance industry is keeping pace and offering adequate solutions while our lives and the world are being disrupted rapidly.
If you find this subject of interest to you, do sign up to our next webinar and listen to industry experts, develop your views and join the debate.
Head of Europe
Rick Huckstep looks at the InsurTech startups leading the service-led, hybrid approach to cyber insurance.
Businesses struggle to identify, assess vulnerability for, and respond to cyber attacks. This is a significant gap, and one that insurers can help corporations bridge.