Lockton’s Scott unveils cyber insurers’ and brokers’ biggest fear.

TLDR:

• Lucy Scott, Lockton’s head of global cyber and technology, reveals that system risk is the biggest concern for cyber insurance providers and brokers in 2024.
• Many technology or security firms are being targeted by attacks that have significant downstream impacts.

In her presentation at the Insurtech Insights conference in London, Scott highlighted the increasing threat of system risk in the cyber insurance industry. She emphasized the importance of understanding and mitigating these risks to protect clients and maintain the integrity of cyber insurance products.

Scott also discussed the need for collaboration between insurers, brokers, and technology firms to address emerging cyber threats. By sharing information and best practices, industry professionals can enhance their cybersecurity measures and better serve their clients.

Overall, Scott’s insights shed light on the evolving challenges facing the cyber insurance sector and the importance of proactive risk management strategies in the digital age.