Cyber insurance is said to be one of the few areas of growth and innovation in the insurance market these days.
It is identified as one of the biggest risks facing the financial system, and the demand for insurance against it is growing. As pressure is being put on organisations to demonstrate that cyber risk is being managed or mitigated, many protection buyers get cover for the first time. As attacks become more malicious and costly, the demand is bound to increase.
Methods to assess this risk are at their infancy and in consequence the management of cyber risk against risk appetite is not an easy job to carry out. We ran a survey among specialist insurance companies to understand how they are getting on with this task, what their growth strategy is, and what investments they are making in this area. The PwC cyber risk management survey was carried out across 14 companies in the London market in Summer 2016.