Moody’s RMS assembles cyber insurance steering group

It includes industry giants such as Munich Re and Gallagher Re.

Moody's RMS, a global catastrophe risk modelling and solutions company, has announced the establishment of Moody’s RMS Cyber Industry Steering Group. The purpose of this group is to develop initiatives that address the growing global cyber insurance market.

Key participants in the steering group include market leaders Munich Re and Gallagher Re, along with global cyber risk management leader Bitsight. Other partners from the insurance industry will also join the initiative.

The formation of this group aims to overcome the current obstacles to growth in the cyber insurance market. 

These challenges include the lack of standardisation across different market functions. 

Given that cyber risk is a rapidly evolving and emerging threat, there is a lack of confidence and comfort across insurance boards, investors, and regulators regarding cyber risk.

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All members of the steering group have a shared interest in expanding the cyber insurance market. Together, they will provide guidance and direction for developing a long-term strategy that enhances risk analytics transparency and advances the industry's understanding of cyber risk. 

Gaining a better understanding of cyber risk is essential to instil confidence within the industry and seize growth opportunities.

Moody's RMS has also announced significant increases in its investment in cyber risk analytics to help unlock the market's growth potential. 

This investment aims to establish a unified measure of cyber risk across underwriting, systemic aggregation, and risk management.