This blog is hosted by The Council of Insurance Agents & Brokers, the premier association for the top regional, national and international commercial property/casualty insurance and employee benefits brokers worldwide.
CIAB member firms annually place 85 percent of all U.S. commercial property/casualty insurance premiums and administer billions of dollars in employee benefits accounts. With expansive international reach, The Council fosters industry wide relationships between market leaders from around the globe and engages lawmakers, regulators and stakeholders to promote the interests of its members and the valuable role they play in the mitigation of risk for their clients.
With cyber insurance becoming one of the fastest growing product lines in the commercial insurance sector, The Council has ramped up its focus on cyber risk to better understand what the public and private sectors face in combating the increasing threats to data, information and asset security.
Given the important role cyber insurance can play, not only in managing the risk but also in improving the security posture of organizations, insurance brokers are uniquely positioned to educate clients and coordinate risk management, compliance and insurance in order to increase security maturity and the cyber resilience of corporations and public entities.
Many, including the Obama administration and other policymakers in Washington, are finding that cyber insurance is an effective tool to help manage this new breed of risk. However, the market faces a multitude of issues as it develops. Lack of loss experience and government and private sector information-sharing are just a few examples at the center of the dialogue.
Cyber risk is uncharted terrain but you can bet on three things: First, malicious cyber attacks and data breaches will increase in frequency and severity. Second, the cyber insurance market will continue to strengthen. And third, debates on cybersecurity policy here in Washington will reignite with fervor next year. Therefore, we hope you check back to this page frequently for news and intel on the latest developments.
For questions about this blog or to submit an announcement from your company relative to new cyber capabilities, studies released etc. for inclusion; please contact Rob Boyce, Industry Affairs Associate, at firstname.lastname@example.org.
To chat about cybersecurity policy developments or cyber insurance marketplace developments, please contact Cheryl Matochik, SVP, Strategic Resources & Initiatives at email@example.com.