How cyber insurance is changing

In the latest Insurance Post Podcast, Swann reflected on how policies may need to adapt to emerging threats and artificial intelligence's deep fake ability.

Underwriters typically look backwards at historic losses and when you look at historic losses some of the ones that have come out in the last few years there wasn’t a modelling for

Martin Swann

He said to news editor Scott McGee: “Threats are evolving a lot quicker than the modelling maybe allowed.

“Underwriters typically look backwards at historic losses and when you look at historic losses some of the ones that have come out in the last few years there wasn’t a modelling for.”

“Rates have had to react quickly,” he said, but added: “we are definitely seeing a softening. One broker I deal with referred to it as squishy.”

Nigel Collins, cyber, technology and engineering lead at McLarens, told McGee criminals coming up with new forms of attack, hacking groups splitting, third parties being targeted, etc, means insurers need to do all they can to keep up-to-date with fresh tactics and change cover accordingly.

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