“The cyber market now is where the natural catastrophe market was in the early 2000s,” said Darren Wray, chief executive officer interview exclusively by Intelligent Insurer magazine. He explained that previously in the nat cat market, re/insurers knew there would be a certain number of storms over the course of the year but the information was more anecdotal than data-led.
The re/insurance industry’s current understanding of cyber is not good enough, meaning large and potentially interconnected cyber events can’t be predicted accurately. “The cyber market now is where the natural catastrophe market was in the early 2000s,” said Darren Wray, chief executive officer of boutique consultancy firm Fifth Step.