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 Risk Insurers ( IMIA ) . A working group established by the organisation has called for increased collaboration between underwriters , brokers and asset managers to develop better cyber security and industry - specific cyber risk management scenarios , highlighting the increasing importance and interconnectivity of IT in industrial processes and infrastructure .
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.