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Data Obstacles Hamper Cyber Growth

forecasts for cyber insurance sales
March 29, 2017

According to Deloitte’s Center for Financial Services insurance research leader Sam J. Friedman, insurers may need to revise their underwriting and pricing strategies to meet the forecasts for cyber insurance sales. The frequency and severity of cyberattacks should be enough incentive for policyholders to buy the coverage, but many buyers are hesitant to add the coverage to their risk management portfolios.

One main obstacle to cyber insurance growth, Friedman believes, has been the dearth of data to help insurers underwrite and price the coverage accurately, which is partially due to the emerging nature of the market and the absence of a centralized source of data about cyber incidents.

 

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