Preparing for a 2017 cyber surge
26-01-2017
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An increasing reliance on technology and the interconnectivity of the IoT is resulting in new risks and aggregations of risk that keep insurance executives awake at night. Matt Webb, global group head of cyber at Hiscox, explains to Intelligent Insurer why understanding cyber aggregation risk is more vital than ever.
There is still a lot of work to be done when it comes to insurers understanding cyber risk. Matt Webb, global group head of cyber at Hiscox, suggests that the understanding of cyber aggregation risk is now more crucial than ever, and that insurers have a responsibility to know what cyber exposure they are running across all lines of business, and to ensure that it flows into their aggregation modelling.
This has led to a new crowd of sleep-deprived insurance executives anticipating the next big cyber loss, pondering what form it is going to take.
“From a nat cat perspective, the modelling is sufficiently mature that insurers should be able to manage their aggregate exposures through individual natural catastrophes,” Webb says.
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Hiscox, Matt Webb, Cyber, Risk management, London, UK
