The emerging market in insurance is cyber security. As computer processes, cloud computing and the internet of things (IOT) continue to change our lives, it’s certain that insurers will offer expanded protections against these new classes of risk.
The question is our sector moving fast enough to develop loss adjusting services for cyber claims. How many claims have there been and do Insurers know the extent of the risks covered and protections offered? Everything about cyber claims is different and difficult to define.
A cyber intrusion might not be discovered for weeks after the event. The original intrusion evidence may be wiped and have to be inferred from outcomes. Even separating event outcomes from normal fluctuations in…