Global digital transformation of insurance companies creates new vulnerabilities and challenges to within risk management.
Every insurance and reinsurance company is exposed to cyber risks especially in connection with accumulation risk. Identifying and assessing the silent cyber accumulated risks in property and casualty books of business is an emerging challenge.
Companies who offer cyber solutions to their clients face the obstacle of providing an appropriate questionnaire – not too detailed but detailed enough in order to adequately underwrite the cyber risk for new insureds. Furthermore, cyber risk is changing constantly, and insurance and reinsurance companies need to undergo continuous innovation in order to keep track of evolving risks and be able to provide the right product for the market at the right time.
Hence, insurers and reinsurers need to quantify their cyber risk exposure transparently. To deliver this service to the industry, Genillard & Co has partnered with a predictive cyber risk modelling company providing the following solutions: