Cyber Risk and Assessment – An Insurance Industry and Market Perspective
To underwrite risks, insurers collect a multitude of policyholder personally identifiable information (PII). As this PII has been entrusted to insurers by the insured, it is their responsibility to keep this PII safe and secure. Thus, in a digital world with dynamic cyber-related threats, insurance company cybersecurity hygiene is a critical regulatory issue. We will provide a broad assessment of industry cybersecurity loss events over the past decade and discuss ongoing NAIC initiatives as well as general cybersecurity best practices aimed at curbing the frequency and impact of such loss events. Moreover, having appropriate cyber insurance in place is one tool that insurance companies can employ for their own cybersecurity risk management. Suitable modeling of cyber risk underpins the development of a robust cyber insurance marketplace for not only insurers but commercial entities at large. We will also discuss the cyber risk modeling landscape, how these tools are being employed from an underwriting perspective, and where this modeling field is headed to allow for further cyber insurance marketplace advancement.
Cynthia Amann, Missouri Department of Commerce and Insurance
Jim Blinn, Zywave
Rebecca Bole, CyberCube
Jeff Czajkowski, Director, Center for Insurance Policy and Research
Shaveta Gupta, Catastrophe Modeling Center of Excellence
CIPR's special session is open to all registered NAIC 2023 Fall National Meeting participants.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.