TAG’s First Publication on Cyber Insurance Predicts Changes in the Market

NEW YORK, November 13, 2024 (Newswire.com) - TAG Infosphere, a research and advisory company with a focus on cybersecurity, has released an online publication on the future of cyber insurance. 

The article that’s likely to attract the most attention is called “Measuring Insurability.” Produced by a team of TAG analysts, it lays out a new framework for both insurers and companies shopping for policies to gauge the relevant risks. 

The article proposes the adoption of an objective cyber insurability rating system “designed to provide a simple method for an insurance company, broker, or other participant (e.g., managing general agent) to quickly determine the cyber insurability of a potential buyer.” And without the use of “lengthy questionnaires that dive into the details of technical minutiae.”

Another article features an interview with an expert who suggests that artificial intelligence (AI) could prove so disruptive that insurance companies may soon be offering standalone cyber insurance policies just for AI. “Sometimes you see these breakouts of certain coverage, like you saw for crypto, you saw for cannabis, and you might see for AI,” he said. “I know it is being explored by some.”

In another piece, a former chief information officer (CISO) suggests four questions that companies review and answer before they renew their current policies. For instance: How do you know if you’re over-insured or under-insured? What might be excluded by your policy?

Finally, CyberCube, a leading analytics firm that quantifies cyber risk, put together a report that predicts where the market for these products is headed over the next decade. Bottom line: “Cyber insurance is projected to grow rapidly.” 

Readers can download the new publication for free

Source: TAG Infosphere Inc.