Cyber concerns are shifting past just data breaches at big retailers and financial institutions. According to Bob Parisi, managing director at Marsh, “there’s a whole other aspect of risk that needs to be looked at.”
That risk is the technology, which Parisi believes will dwarf the current privacy risk issues associated with cyber insurance. Technology drives our businesses and infrastructure, which can be brought to a halt by “a malware attack on a company’s system or its vendors system, or an unexpected and unintentional bug in critical software, technology failures can bring operations to a stop. They’ve quickly caught pace with fire and flood as causes of business interruption. AM Best’s Review as an expansive spread on expanding cyber risk as well as the findings of their recent Insurance Industry Survey.