This is from Australia, but the same crossover in terms of how cyber risk drives insurance can be seen across the planet…:
Cyber: The risk of cyber attacks is increasingly tied to liability risk for top executives, because companies may face reputational and brand damage from data breaches.
This is causing a growing tie-in between cyber insurance and directors’ and officers’ insurance (D&O), and clients are increasingly worried about the connection.
Exposure of network security, procedures or controls will have a serious impact on a company’s ability to maintain shareholder confidence, and business confidence may also be damaged, Gallagher says.
The trading suspension of listed real estate company LandMark White due to a data breach caused shares to drop to a four-year low, leaving it facing regulatory and shareholder risk.
“With data vulnerability an omnipresent threat and accountability shifting to board level, awareness of how cyber and D&O insurance can intersect is critically important.”