On 7 November 2023, our Silicon Valley Insurtech team from Plug and Play Tech Center and insurtech startup Protos Labs held a panel discussion "Navigating the Cyber Insurance Frontier: Trends, Responses, and Innovations".
Protos Labs is one of Plug and Play's portfolio startups and is participating in Plug and Play's Silicon Valley Insurtech Accelerator Program 15th cohort. The startup has also previously joined Batch 6 of the Global Innovation Alliance (GIA) Jakarta acceleration program and Batch 7 of the APAC Insurtech Program.
The panel speakers included:
Marco Lo Giudice, Ph.D., Head of Emerging Risks, Lloyd's
Sie Lau, Ex-Cyber Senior Underwriter, Top 4 Global Reinsurer
Joel Lee, CEO and Co-Founder, Protos Labs,
(Moderator) Simeon Tan, Co-Founder, Protos Labs
The panel discussion covered crucial topics in the rapidly evolving field of cyber insurance, the topics included:
Key Trends in Cyber Insurance
How are Insurers Responding?
New Innovations in Cyber Insurance
Read a summary of key takeaways and highlights from the panel discussion on cyber insurance trends, responses, and innovations, as shared by Protos Labs:
Overview of Cyber Insurance
Cyber insurance is a rapidly evolving field, with new trends, responses, and innovations emerging all the time. As the cyber threat landscape continues to evolve, policyholders and insurers alike must stay informed and adapt their strategies accordingly.
Trends
Some of the key trends in cyber insurance include:
Increasing demand for more comprehensive coverage: Policyholders are demanding more from their cyber insurance policies, including coverage for business interruption, reputational damage, and regulatory fines.
Sophistication of underwriting: Insurers are using increasingly sophisticated methods to assess cyber risk, including inside-out scans and AI-powered analytics.
Hardening market: The cyber insurance market is hardening, with rates increasing and capacity tightening.
Growing interest in parametric products: Parametric insurance products, which pay out based on pre-defined triggers such as a cloud outage or ransomware attack, are gaining popularity.
Responses
In response to these trends, policyholders and insurers are taking a number of steps, including:
Improving cyber hygiene: Policyholders are investing in cybersecurity measures to reduce their risk of attack and improve their insurability.
Working with cyber experts: Insurers are partnering with cybersecurity experts to help clients assess their risks and implement appropriate controls.
Developing new products and services: Insurers are developing new products and services to meet the needs of policyholders, such as parametric products and proactive risk management services.
Innovations
Some of the key innovations in cyber insurance include:
Use of AI: AI is being used in cyber insurance to improve underwriting, risk quantification, and claims management.
Development of parametric products: Parametric insurance products are being developed to cover a wider range of cyber risks.
Collaboration with cloud providers: Insurers are partnering with cloud providers to help clients improve their cloud security.
Conclusion
The cyber insurance frontier is constantly evolving, but one thing is clear: cyber insurance is essential for businesses of all sizes. By staying informed of the latest trends, responses, and innovations, policyholders and insurers can navigate the frontier together and protect themselves from the growing cyber threat.
Plug and Play APAC is proud to have partnered with Protos Labs for this fruitful panel discussion and we look forward to supporting Protos Labs in their journey to revolutionize the cyber insurance landscape!
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