Chair Stephen Simchak
American Insurance Association (AIA)
Increased digitalisation means that companies of all sizes are more and more at risk from cyber-attacks or it failures. Although still a relatively new market, cyber risk insurance is a useful tool to transfer these types of risk. In the coming years, the cyber insurance market is expected to grow exponentially.
With this in mind, the GFIA cyber risks working group aims to educate policymakers on the role insurance can play in dealing with such risks, advocating the regulatory flexibility needed to allow the market to develop. The working group also seeks to gather information on market developments from around the world in order to gain a better understanding of what to expect in the future.