The potential impact of the Internet of Things (IoT) and cloud computing on engineering insurance risk is being underestimated by underwriters, according to The International Association of Engineering Insurers (IMIA). In a report released today, IMIA said that while there are many benefits associated with IoT, it also has some risks.
The potential impact of the Internet of Things (IoT) and cloud computing on engineering insurance risk is being underestimated by underwriters, according to The International Association of Engineering Insurers (IMIA). A working group established by the organisation has called for increased dialogue between underwriters, brokers and risk managers to develop better cyber understanding and industry-specific cyber risk loss scenarios, given the increasing importance and interconnectivity of IT in industrial processes and infrastructure.