Cyber risk is far from static. It’s ever-evolving, erratic and completely at odds with the traditional insurance model.
The risk changes so quickly that accustomed year-long policy periods suddenly become a bit of a gamble. There’s nothing a carrier or broker can know upon policy issuance that will give enough confidence that cyber exposures will not evolve within the course of the policy. A vulnerability crops up two months into the policy period, and many companies simply have to carry that bad risk on their portfolio for another 10 months.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.