18 April 2016 - Cyber risks pose a real threat to society and the economy. Cyber insurance is one of the risk transfer mechanisms to address the financial costs that arise from cyber attacks, assisting in the recovery of those affected. In addition, cyber insurance can support risk reduction by promoting mitigation and prevention measures. in depth analysis of policy issues for a sound cyber insurance market with sufficient consumer protection considerations.
The OECD project on cyber risk insurance has been launched to better understand cyber risk and insurance, and how cyber security and financial protection against losses from cyber attacks could be improved as the market develops. This policy discussion would require a better understanding of the market, and how the improvements in awareness of risks and potential mitigation options expected to result from further penetration of cyber insurance might enhance the level of cyber security more generally. The project focuses on areas with possible regulatory and policy implications, as well as areas in which greater understanding of policies might benefit the industry. This project does not aim to standardise market practices per se, but provide a basis to enable greater transparency of cyber insurance contracts and subsequent improved risk awareness by policyholders.
This project will produce three reports:
This project is taking place under the responsibility of the OECD Insurance and Private Pensions Committee.
Download the full project description
Global Seminar on Disaster Risk Financing, 17-18 September 2015, Kuala Lumpur