EIOPA has published the findings of its study of the cyber insurance market, covering both cybersecurity challenges and cyber underwriting practices.
To produce its report, EIOPA surveyed 41 large (re)insurance groups across 12 European countries. Its review highlighted the need for:
- the insurance sector to take action to strengthen their resilience against cyber threats, including streamlining the cyber incident reporting frameworks across the insurance and financial sector
- for the industry to further improve its assessments and data collection,
so that cyber risks can be adequately measured, monitored and managed
- further effort to tackle properly non-affirmative cyber exposures to address the issue of potential accumulation risk and provide clarity to policyholders.