Advisen and CyberScout released a white paper that focuses on cyber insurance take-up rates and how countries gear up to minimize cyber risk and improve their risk transfer and mitigation strategies. The free, 5-page paper includes an overview of the cyber insurance marketplace, reasons businesses are buying cyber insurance, and challenges and opportunities ahead in Asia, Australia, Canada, Europe, the Middle East, the United Kingdom, and the U.S.
“Legislation and regulation move at different speeds in different countries,” says CFC Underwriting cyber product leader James Burns.
The cyber insurance marketplace differs in each part of the globe, heavily affected by a region’s regulation of companies offering cyber insurance products. For example, financial institutions in many regions are heavily regulated, and reports indicate banks in various countries are turning to cyber insurance protection to avoid regulatory scrutiny or punishment. As a result, banks then put pressure on service providers by requiring them to demonstrate robust cyber security in order to get business.
Cultural and legal factors, underwriting rules, market infrastructure, among others, significantly affect cyber insurance purchases in many parts of the globe, the paper points out, citing as example that many large companies in Asia are family-owned resulting in less willingness to share cyber security information and preferring instead to keep risk in-house.
Download a copy of the paper and find out which regions are in the lead in terms of cyber insurance take-up and which regions are playing catch-up, as well as the factors affecting their cyber insurance purchases.