From: International Investment
By: Ridhima Sharma
The insurance market, including reinsurance companies, brokers and relevant associations have an important role to play in providing greater clarity about the coverage available for cyber risk and which policies provide that coverage, according to the Organisation for Economic Co-operation and Development (OECD).
OECD has published ‘Enhancing the Role of Insurance in Cyber Risk Management’ that provides a series of policy recommendations aimed at enhancing the contribution of the cyber insurance market to managing this increasingly prevalent risk.
The report was prepared by OECD based on questionnaire responses received from the re/insurance companies and brokers active in this market globally and the ministries of finance and insurance regulators responsible for overseeing that market. Responses were received from 58 public and private sector organisations from 32 countries.
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