Cyber risks are no different from any other hazard in terms of risk management and risk transfer. However, IT departments, even with the best of intentions, can increase cyber risk by their strategies. Shaun Crawford, global insurance leader, EY shares some of the findings in the company’s latest cyber research and explains why accurate reinsurance optimisation is key.
Insurance and reinsurance are not alternatives to enterprise risk management (ERM). Risk transfer programmes should be used to address structural residual risk. From EY’s experience, companies can identify risks and adopt risk management leading practices to ease the process of finding the right cover at the right price—with the correct reinsurance optimisation. The insurance industry should insist upon this enterprise level of risk mitigation before it issues cover for large risks and data breaches.
Emerging technology threat
Cyber risk is part and parcel of the transformation of how business is conducted globally, where people interact via smartphones to the commercial internet and social media.
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risk management, reinsurance, cyber risk, EY, Shaun Crawford