Increasing competition in the cyber insurance market is keeping prices for coverage below where they probably should be, experts said at an industry conference that took place just days after the WannaCry ransomware event made global headlines.
Representatives of two insurance companies and a reinsurance broker speaking at the RMS Cyber Risk Seminar on May 16 explained that current market prices don’t include an adequate catastrophe load for cyber events with the accumulated loss potential equivalent to that of hurricanes in the property-catastrophe world.
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