Rapidly evolving cyber risks continue to keep risk managers awake at night, as suggested by the ongoing dialogue among industry experts at RIMS. Now, the issue of cyber risk appears poised to escalate to the board level as new SEC guidance on cyber disclosure calls on public companies to address their exposure to cyber attacks and disclose how they will respond financially to the potential loss.
The SEC move—combined with recent high-profile cyber attacks, and an initial wave of claims—is likely to have an impact on the cyber liability marketplace. Willis experts expect the combination to trigger an uptick in demand for cyber liability coverage from buyers, bring new buyers and premium into the marketplace and see buyers look to purchase additional limits. Our new cyber blogger Tom Srail weighs in from the RIMS conference floor.