From: Captive International
Commercial policies and traditional market solutions continue to struggle with the pace of shifting and evolving cyber risks in today’s environment, a panel at CICA 2023 told attendees.
The panel, which was made up of Stephen Cardot, captive owner at CloudCover Re, Aaron Hillebrandt, actuary at Pinnacle Actuarial Resources, Nick Pearson, vice president at BMS Group, and Michael Steep, founder of Stanford Disruptive Technology Program, Transform Innovation Ventures, specifically looked at cyber in captives.
Steep stressed that rapidly evolving technology is driving up the amount of data involved in insurance to huge levels. In turn this massive amount of data is creating unprecedented vulnerabilities.
To make matters worse, the bad actors who carry out cyber attacks are attacking at machine speed, measured at times in milliseconds. This is far faster than human cyber teams can react and therefore creates a cyber risk gap.