Cyber insurance not a risk management tool, say banks
Lengthy payout mechanism of cyber policies makes it ineffectual against large losses, dealers argue
Insurance is not an effective tool for managing the potentially vast exposure banks and financial services face from cyber attacks, according to senior industry practitioners.
Speaking at the Op Risk Europe conference in London on June 13, three senior operational risk experts argued that the lengthy claims and payout mechanism associated with most cyber insurance policies made it an ineffectual form of defence against large losses.
“Insurance isn’t a bad thing in itself, but I think [for]
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Risk management
Risk Management
Banks relieved as EBA punts on dual-track stress tests
Hybrid approach for 2023 will see top-down models used to project net fee and commission income only
Receive this by email
Most read on Risk.net
- People moves: BNP Paribas reshuffle, Tradeweb gains Pluta, and more
- Buy-side retreats to ‘dirty’ CSAs amid collateral crunch
- Pick a lane: Anna DSB to rival CDM coded swaps reporting?
- Esma warns new foreign clearing house rules could backfire
- Banks begin China close-out netting work after Isda opinion