Despite progress, carriers are still falling short in how they approach cyber insurance and also how they cover events when they happen.
How can this be? The unique makeup of cyber risks continues to hold them back, according to experts who spoke on Sept. 24 during a panel discussion at InsureTech Connect in Las Vegas.
â€œThe thing with cyber is it's not predictable. It doesn't respect geographic boundaries. Cyber risk happening in Europe could also be happening at the same time in the U.S., noted Siobhan O'Brien, a panelist and head of Guy Carpenter's Cyber Centre of Excellence for International and Global Specialties. œIt can hit every type of business at the same time.
Keith Moore, a panelist and CEO of online insurance comparison shopping platform CoverHound and CyberPolicy, a subsidiary that helps users buy cyber insurance, acknowledged the challenges that remain.
â€œWe feel that cyber [insurance] is the first borderless product, Moore said. œIt's very difficult to predict who is going to be impacted and when they are going to be impacted.
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