June 2023 saw the launch of joint-report Cyber Insurance Dialogue: How Europe can lead the way to cyber resilience, which was coordinated by FERMA and brought together seven other major players in the cyber (re)insurance chain to comment on the current status of the market and ways forward.
This report was based around four key pillars of the cyber risk and insurance management journey, namely: identification and prevention; underwriting; coverage; and, claims. During this recommendation the key recommendations of the report will be presented as background.
We will then zoom in on the identification and prevention pillar of the report and give practical exercises to help guide risk managers with a new perspective on identifying, and quantifying their cyber risks.
