Insurance and pensions

Enhancing the Role of Insurance in Cyber Risk Management

Published on December 08, 2017

book

The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, recent major incidents have highlighted the digital security and privacy protection risks that come with an increased reliance on digital technologies. While not a substitute for investing in cyber security and risk management, insurance coverage for cyber risk can make a significant contribution to the management of cyber risk by promoting awareness about exposure to cyber losses, sharing expertise on risk management, encouraging investment in risk reduction and facilitating the response to cyber incidents. This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. It includes a number of policy recommendations which support the development of the cyber insurance market and contribute to improving the management of cyber risk.

TABLE OF CONTENTS

Foreword
Executive summary
Growing cyber risk and the contribution of insurance to cyber risk management
Types of cyber incidents and losses
The cyber insurance market
Cyber insurance market challenges
Addressing challenges to cyber insurability
Supporting the cyber insurance market through better policies and regulation
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OECD report to G7 on Supporting an Effective Cyber Insurance Market

13 May 2017 - Prepared at the request of the G7 Presidency, this report provides an overview of the market for cyber insurance, including the available coverage and potential gaps as well as the current challenges in terms of data availability, quantification of cyber risks, awareness and misunderstanding about coverage. It identifies potential policy measures to address some of the main challenges to the development of an effective cyber insurance market.

Download the OECD report

 

Read the G7 communiqué

 

Remarks by Angel Gurría

 

 

See also

Global insurance market trends

Key statistics on insurance

Insurance statistics database

OECD insurance statistics publication