Moody’s RMS has announced the launch of a Cyber Industry Steering Group to develop industry initiatives that respond to the growth of the global cyber insurance market.
Munich Re and Gallagher Re and global cyber risk management leader Bitsight have so far joined the steering group, with other industry partners from across the insurance ecosystem to follow.
With cyber underwriting offering huge growth potential, the group has been formed to tackle the current constraints to growth in the cyber insurance market. These constraints include a lack of standardisation across different market functions and with cyber representing a fast-moving, emerging peril, there is still a lack of confidence and insufficient comfort across insurance boardrooms, investors and the regulatory community around cyber risk.
Michael Steel, general manager, Moody’s RMS, said: “There is a clear need and a significant opportunity to accelerate growth in the global cyber underwriting market. However, there are many legitimate concerns around risk, regulation and the lack of standardisation. We are therefore committing to significantly increase our investment in cyber modelling, as we see this effort as central in our role to help develop new markets for the industry’s growth.”
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