How Can Cyber Insurers Manage Their True Risk?
Cyber insurance providers traditionally evaluate cyber risk the same way they evaluate homes, cars, medical costs or any other insurable entity. However, this point-in-time underwriting process leaves cyber insurance providers dangerously exposed if there’s a sudden, unexpected event that causes a spike in cyber incidents. Can you think of any sudden, unexpected events lately?
In a rapidly changing risk environment, you must constantly re-evaluate risk to understand your liabilities. A continuous underwriting process allows insurers to keep pace with changes in technology, trends, and risks so that they can manage their portfolios accordingly and mitigate potential losses.