Summary
This report addresses the cyber risk protection gap, a significant societal issue arising from the increasing dependence on digital technologies and the growing threat of cyberattacks. It outlines the urgent need for collective action from both the insurance industry and the public sector to mitigate these risks. The document discusses strategies to enhance the functionality of the private cyber insurance market, identifies areas of limited insurability, and suggests principles for public-private partnerships. It emphasizes the importance of strengthening cyber resilience, managing catastrophic cyber risks, and addressing unquantifiable cyber risks through collaborative efforts. The report highlights the projected growth of the cyber insurance market and the challenges faced by small- and medium-sized businesses in obtaining adequate coverage. It also presents examples of public-private collaborations aimed at improving cybersecurity measures and encourages the establishment of a common framework for structured data to better analyze cyber risks. The report serves as a call to action for stakeholders to create a more sustainable cyber insurance market.
