What Cyber Insurance Industry Learned from 2017 Hacks

The NotPetya, WannaCry and Equifax hacks of last year were evidence that the U.S. insurance industry has been ill-prepared to handle a large cyber attack and needs to up its game.

However, as a consequence of the attacks in 2017, the industry and its customers may be at a tipping point in favor of better cyber readiness and coverage, according to panelists at the 2018 AIR Casualty-Cyber Seminar, held February 27 in New York City.

They also called for public officials to move beyond circa-1970s thinking about cyber and collaborate more with the private sector to mitigate the risks.

The cyber experts said that a lack of experience and data are behind what they see as the industry’s underpreparedness in a constantly evolving cyber risk environment.

Read more at Insurance Journal

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