Moody’s RMS, a catastrophe risk modelling and solutions company, has launched Moody’s RMS Cyber Industry Steering Group. The group has been formed to tackle the current constraints in the cyber insurance market. It will also develop industry initiatives for market growth. Munich Re and Gallagher Re, and cyber risk management company Bitsight are among those who have already joined the group. Moody RMS expects other industry partners from across the insurance industry to follow. In addition, Moody’s RMS has announced an increase in its cyber risk analytics investment to help realise the market’s growth potential. This enhanced investment in cyber analytics will look to develop a unified approach to cyber risk across underwriting, systemic aggregation and risk management. Current market constraints include a lack of standardisation across different market functions, and a lack of confidence across insurance boardrooms, investors and the regulatory community around cyber risk. Michael Steel, general manager of Moody’s RMS, comments: “There is a clear need and a significant opportunity to accelerate growth in the global cyber underwriting market.”
