Systemic cyber risk is being discussed as a growing concern for insurers as technology advances and interconnectivity increases, but how is this risk defined? That may be one of its gray areas.
“As you go through different owners of risk in the ecosystem, the word systemic means a lot of different things,” said Matt Prevost, chief underwriting officer for cyber at Chubb. “So, in the ecosystem of cyber insurance, whether it be reinsurers, ILS (insurance-linked securities), all the way down to the primary market talking about this, there’s a tendency to be almost philosophical at