A system to categorise cyber incidents in the pipeline - CFC head Burns
At the CFC Cyber Forum yesterday, James Burns, head of cyber at CFC, revealed plans to categorise cyber incidents, just like weather events, to determine the impact of each incident and to help insurers and brokers regulate the severity of subsequent claims.
Burns started off the talk by describing a catastrophic event that took place in the United States, a category five hurricane, that changed the way property insurers had to think about systemic risks.
A categoric system was put in place to determine structural damage to properties and the impact it had on the population, to aid insurers and brokers to establish how particular events impacted certain policyholders.
He added: “This is what gives the property insurance market the mechanism
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