GFIA responded to a questionnaire from the Organisation for Economic Co-operation and Development (OECD) on cyber risk insurance addressed to the private sector, which aims to assess the market and nature of available insurance coverage.
GFIA provided information on the needs of insurers with regard to cyber risk and called for regulatory flexibility to avoid stifling a burgeoning market. It also noted the challenges faced by insurers when underwriting such risks, while noting that insurers are increasingly prepared to cover them.
GFIA also stressed the need for companies (especially SMEs) to increase their cyber resilience, notably by incorporating cyber risk into their overall risk assessments.
The OECD plans on using the results from the questionnaire as a basis for three reports that it intends to publish over the next 1.5 to two years. Each report will cover different aspects of the growing cyber risk insurance market, such as the current status of the market, how cyber insurance could contribute to risk measurement, mitigation and prevention and the policy issues related to the development of the market.