Shaun Crawford, global head of insurance at Ernst & Young, argues that cyber risk insurance will proof a tough challenge for insurers in 2015 because there are so many unknowns.

Cyber crime is a moving beast, making it impossible to quantify the risks neatly or to calculate them in an informed or consistent manner.”

 

Crawford believes that in the future insurers will begin to refuse to take on undisclosed risk but in the short term, “it is likely that they will start to demand evidence of adequate cyber risk controls from businesses that demonstrates they are taking cyber crime seriously and are taking the necessary steps to avoid opening themselves up to attack.” Business Insurance has the rest of the story.

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