ABSTRACT
The needs for adequate intellectual property theft comprehensive cover like cyberattack has eluded the insurance sector. The new dedicated committee is aiming to understand the details of cyber risk through collating and sharing information that is publicly available, considering the model clauses in terms of impact on different lines of business as well as analysing the interactions between bespoke cyber and insurance policies. As increasing numbers of insurance leaders contribute to such standards, the greater the benefit in mitigating cyber risk, threats and attacks globally. A example whereby the Security Exchange Commission is providing guidelines and is encouraging US securities companies to assess and deal with cyber risk is through their reports. Insurance companies which are part of the city of London market have been relatively slow to incorporate digitalisation processes that are required both for the digital age and to deal with cyber risk, threat and cyberattack.
