October 3, 2022
Insurers say evolving coverage looks at physical impacts of cyber attacks
Evolving coverage for underwriting cybersecurity risks would benefit from more actuarial data on the impacts of a cyber attack on physical operations, such as industrial manufacturing operations and energy production, according to insurance industry representatives.
“We have actuarial data on breaches and notifications,” said Greg Vernaci of American International Group, adding that “where we don't have data is on the physical impacts” for major industrial sectors which are increasingly looking for cybersecurity coverage. Vernaci said such data would be useful...