Cover for ‘cyber’ attacks is risky, complex and people don’t trust us, moan insurers

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Cover for ‘cyber’ attacks is risky, complex and people don’t trust us, moan
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FIC 2020 EU companies aren’t taking out insurance against attacks on online assets because the companies selling coverage aren’t organised enough – while Brits are more likely to pay off ransomware crooks than others.
Insurance that pays out if your company gets hit by an online attack is a tricky subject.
Edward Samsom of the European Insurance and Occupational Pensions Authority, an EU body set up by a so-called “committee of wise men”* to regulate insurance companies across the political bloc, observed that even dipping a toe into the world of ransomware and hackers was a risk in itself.
He said: “There is an operational risk from the insurer’s perspective.
From the security side, itself, an insurer is one of the most vulnerable companies, maybe, in the market when it comes to cybersecurity.”
Speaking alongside Samsom was Frederic Rousseau of the French arm of insurance firm Hiscox, who, through a translator, bemoaned his industry’s early “lack of consistency” revealing that “five or six years ago” potential customers “were faced with a market which didn’t speak with one same voice”.
Potential customers, he argued, were less likely to pay for insurance products unless the EU market was able to explain precisely what it would and wouldn’t pay out on.
The “what is covered” argument was sharply highlighted by a number of high-profile court cases brought by insurance companies against their own customers, in efforts to evade paying out in the aftermath of cyber incidents.
Pascal Steichen of Luxembourg trade association Security Made in Luxembourg agreed: “I think that people are aware that this market is immature.” But said insurers lashing out against their own customers was putting off clients: “I don’t think they’re afraid of the [sort of] clause that says ‘in any case the insurance will not pay'” after a cyber attack

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