Michael Schmitt says underwriting models must change in the face of cyber risk
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Michael Schmitt, Senior UW Cyber &Technology, P&C and Special Lines, Swiss Re Corporate Solutions, moderated the panel discussion on "The value proposition of cyber insurance" at the Expert Forum on Cyber Risk at the Swiss Re Centre for Global Dialogue.
"If you talk to any IT expert out there, they're going to tell you that at some point, your company is going to suffer a breach or a cyber incident. If you know it's coming, you can prepare for it. But at the end of the day, you want to make sure that you can withstand that financial storm and survive, to move forward.
We're looking to see that our insureds and our potential insureds are continuously evaluating their exposure, continuously seeking to find ways to protect themselves and making sure they're on top of their game. It's simply a matter of time. It's time for the claims to be made public, for the losses to be shown to the public. It's time for insurance companies to develop their underwriting models, time for the litigation that's out there to develop and be shown to be damaging to companies."