Matt Cullina, CEO, CyberScout, said cyber-related risks have evolved from data breaches to more targeted attacks that look to quickly monetize purloined data.
Michael Barnes, assistant vice president, Willis Re, said mutual insurers' focus on policyholders likely means they would rather develop more complex solutions tailored to policyholder needs, than develop simple, limited products.
A panel of cyberrisk experts gathered by A.M. BestTV at the Meeting of Reinsurance Officials in Montreal said insurers are using data to create and price cyber products, and that clients care about much more than financial indemnity.
Lorie Graham, chief risk officer and senior insurance manager, American Agricultural Insurance, said cannabis growers and distributors face a range of challenges including overlapping jurisdictions that disagree on its legality.
Greg Lockard, director of reinsurance operations, Shelter Re, said advances in technology and advancing consumer expectations are driving change throughout the insurance industry.
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