Insurance

Enhancing the role of insurance in cyber risk management

 

Date of publication
8 December 2017

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The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, as recent major incidents have highlighted, a growing reliance on digital technologies comes with digital security and privacy protection risks. The potential role of the nascent cyber insurance market in enhancing cyber resilience is increasingly being recognised by policy makers.

 

This report provides a series of policy recommendations aimed at enhancing the contribution of the cyber insurance market to managing this increasingly prevalent risk. The report examines the current state of the market, based on substantive input from the re/insurance companies, brokers and regulators that are directly involved in its development, and the obstacles that are impeding the market from reaching its full potential. It builds on the initial findings in the OECD report on Supporting an effective cyber insurance market which was presented to G7 Finance Ministers and Central Bank Governors in May 2017.

 

The report contributes to the OECD Going Digital project which provides policy makers with tools to help economies and societies prosper in an increasingly digital and data-driven world.

 

Unleashing the potential of the cyber insurance market

A conference on Unleashing the potential of the cyber insurance market took place at the OECD in Paris on 22-23 February 2018 to build on the findings of the report. 

 

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