Insurers are struggling to quantify damage to a business's reputation caused by a cyber attack, said panellists speaking at this year's Airmic Conference. The fallout from a cyber attack often causes drops in share price, disputes with investors and extra costs to boards, said William Wright, head of privacy, cyber and technology at Paragon International Insurance Broker. "The more you can get out there about it, the better it is for your business," Wright said.
Insurers are struggling to quantify damage to a business's reputation caused by a cyber attack, said panellists speaking at this year's Airmic Conference. The fallout from a cyber attack often causes drops in share price, disputes with investors and extra costs to boards, said William Wright, head of privacy, cyber and technology at Paragon International Insurance Broker. Because none of these costs are picked up by standard cyber policies, insurers should investigate calculating payout through a metric that pinpoints where a business stands before and after an event, he added.