German regulator and insurers will accelerate moves to clarify
exposures in 2020.
Cyber risks affect all industries, markets and companies and
therefore basically have an impact on all lines of insurance.
Existing traditional policies often contain hidden cyber exposures
(ie silent or non-affirmative cyber cover), which might entail a
significant exposure. With that in mind, it is not surprising that
regulators have put the issue of non-affirmative cyber at the top
of their agenda and will increasingly focus on the topic. Dealing
with this issue is therefore not only in the insurers' own
interest, but also becoming a regulatory requirement.
In the UK, the Prudential Regulation Authority (PRA) has
contacted the Chief Executives of general insurance firms and
raised several concerns regarding "affirmative" cyber
cover such as that insurers failed to make adjustments to reflect
the nature of the risk including in relation to pricing and have
not ascertained their
