The substantial evolution in cyber policies is caused by the “very, very quick” evolution of the threat landscape, according to Michelle Chia, regional underwriting manager at Zurich.
Speaking on the ‘it’s cyber and it’s insurable’ panel at the World Captive Forum 2019, Chia said she had seen cyber policies evolve quite substantially since the beginning of her career.
Chia commented: “The reason for that is the threat landscape has evolved very, very quickly.”
“The threat landscape evolves very, very quickly because malicious actors want to stay ahead of the game and somehow make some sort of financial.”
“Because they’re ahead of the game, everyone else, the ‘good actors’, have to stay ahead of those ‘bad actors’ and, worst case scenario, hopefully, there is some sort of insurance policy that will be that financial backstop.”
Chia added: “This market evolves so quickly. Technology evolves so quickly, so it is important to stay plugged in with direct carriers in the cyber industry to ensure you have the right coverages and protection in place.”
