Cyber ​​risk insurance: some recommendations from the Treasury General Directorate

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Despite the fact that cyber risks are anticipated by private or public actors, and even required to do so (for an overview of the legislation, see Cyber ​​Security Code, Dalloz, 2022), the occurrence of an attack on an information system can have devastating individual or collective, social, economic or legal consequences. At the same time, cyber risk insurance is barely developing, raising many questions such as the insurability of the ransom or the administrative fine.

Cyber ​​risk insurance is a topic that has caused significant debate and much thought. The report published by the Treasury General Directorate on September 7 is another example of this. It is the culmination of a year’s reflection within a working group of various players in the industry, including the services of the Directorate-General, in response to a request by Bruno Le Maire, Minister of Economy, Finance and Industry and Digital Sovereignty. Undersecretariat of Treasury, insurers and company representatives, ACPR, ANSSI, insurance and reinsurance companies, insurance distributors, actuaries and experts from the academic world.

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The reasons that justify such work are simple: The digitization of our economy is creating new risks that weigh on companies, known as “cyber risks.” The latter often happens in cyber attacks. The report reveals that 54% of French companies suffered a cyberattack in 2021 (p. 9). Our dependence on the digital ecosystem, the increase in the volume, frequency and complexity of cyberattacks, as well as the importance of issues (company survival), a market…

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Source From: Google News

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