Guy Carpenter’s Erica Davis, Managing Director and Global Co-Head of Cyber, joins a panel with other insurance experts discussing the state of the cyber market as part of Cyber Insurance and Risk Transfer—A Market in Transition, a webinar hosted by SentinelOne, a cyber security firm.
Erica talks about how the cyber market seeks predictability, which has been challenging, especially considering high-profile occurrences involving ransomware. She emphasizes the need for effective preparation to help build stability.
“If we’re able to budget for these events along the way, if or when they do occur, we don’t have those swings in the market that we have seen as a result of ransomware in recent years,” she said.
She goes on to describe how government and the (re)insurance industry can collaborate to help settle concerns in the cyber market.
“There’s still a lot of opportunity to learn and grow in the cyber industry,” she said. “Information sharing and threat sharing are going to play a key role in how public and private can work better together.”
Strong risk-management strategies and effective controls are critical in maintaining cyber capacity, Erica continues. However, she also expresses hopefulness for the market going forward.
“We’re on a path to settling down,” she said. “I’m feeling more optimistic about 2022, but it has been a disruptive 2021.”
Watch the full webinar here.