Engineers across the globe came together to sound the alarm on the risks related to the Internet of Things and cloud computing – and their fears that the insurance industry doesn’t fully grasp the “silent threat.”
A new report from the International Association of Engineering Insurers (IMIA) calls for underwriters, brokers, and risk managers to work together more diligently to improve understanding of cyber risks for engineers.
“The perception that cyber events do not cause physical damage is being challenged; such damage from cyber risks is a reality and is an issue for all lines of engineering insurance,” said Alexander Schmidl, the chair of the IMIA working group.
“Engineering underwriters must address the issue of cyber on all covers they write. Keeping pace with cyber trends is key if they are to remain current in assessing and carrying related risk. Continuous learning will qualify insurers to be long-term risk partners for the industry and its increasingly complex risks,” Schmidl added.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
