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Silent Cyber in Reinsurance – Challenges and Opportunities

  • The ‘cyber’ threat is regarded as a growth area in the primary and reinsurance sectors worldwide and for the past five years has been developing more dynamically than any other hazard. This major topic concerns both primary and reinsurance companies in all areas, whether in property, liability, transport or accident insurance. Services (prevention, risk-based pricing models and claims processing, for example) present a global growth market for the reinsurance industry. The complexity of the cyber threat and the evolving nature of the risk involved present a host of challenges for the design of insurance products, for underwriting, for risk management and for cumulative control – for both primary and reinsurance companies. Correct assessment of cyber risk is therefore indispensable, and the right approach must always be developed further. Special attention needs to be given to the variety of forms a cyber event can take. Thus, primary and reinsurance companies can incur not only the costs of data loss, but also the costs of reconstructing IT infrastructure, the costs of network and business interruptions, costs of crisis management, costs of reputational risk, and the costs of third-party liability claims.

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Metadaten
Verfasserangaben:Jörg Dirks
URN:urn:nbn:de:hbz:832-epub4-18801
Schriftenreihe (Bandnummer):Publikationen der Kölner Forschungsstelle Rückversicherung (13/2021)
Dokumentart:Konferenzveröffentlichung
Sprache:Englisch
Urhebende Körperschaft:TH Köln
Datum der Erstveröffentlichung:01.10.2021
Datum des Hochladens:17.12.2021
GND-Schlagwort:Rückversicherung; Versicherung; Versicherungswirtschaft
Freies Schlagwort / Tag:Reinsurance
Seitenzahl:12
Fakultäten und Zentrale Einrichtungen:Wirtschafts- und Rechtswissenschaften (F04) / Fakultät 04 / Institut für Versicherungswesen
DDC-Sachgruppen:300 Sozialwissenschaften / 330 Wirtschaft
Open Access:Open Access
Lizenz (Deutsch):License LogoCreative Commons - CC BY - Namensnennung 4.0 International