Cyber Insurance: Recent Advances, Good Practices and Challenges

Cyber insurance is a product that has been created to counter residual risk associated with the information systems of asset owners. Despite the large number of developments that have taken place over the last few years, the cyber insurance market is yet to receive the anticipated adoption rate. While some regions have made progress on the basis of supportive legislation, it is found that in comparison with other insurance sectors, the state of cyber insurance is at a less mature stage. With the general data protection regulation (GDPR) being adopted on April of 2016, and network and information security (NIS) directive10 on July 2016, the need for cyber insurance is anticipated to grow; a growth that can be embraced by enabling an informative product development and adoption.

Audience
The primary audience is insurance companies, who can either benchmark themselves against the market trends, or evaluate good practices before entering the market.
Additional beneficiaries are customers interested to adopt a cyber insurance policy, allowing them to take informed decisions and prepare in advance.