The cyber risk market could be worth up to $ 5000 but a lack of historical evidence has hampered innovation , forcing cautious underwriters to rely on additional reinsurance and small limits to insulate themselves from potential losses , including John Iten , director of global Global Ratings . The issue was discussed at S&P ’s annual Global Insurance Conference , during a panel on trends in the property and casualty insurance sector . Iten added that the industry is also concerned about silent cyber risks and potential clashes between different policies .
The cyber risk market could be worth up to $50bn but a lack of historical data has hampered innovation, forcing cautious underwriters to rely on additional reinsurance and small limits to insulate themselves from potential losses, said John Iten, director of S&P Global Ratings. The issue was discussed at S&P’s 2019 Global Insurance Conference, during a panel on trends in the property and casualty insurance sector. Iten added that the industry is also concerned about silent cyber risks and potential clashes between different policies.