Cyber risks in a new era : reinsurers could unlock the cyber insurance market

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      <subfield code="a">The pandemic has changed the ways we shop, learn, and work, changing the shape of the cyber risk landscape. E-commerce is booming, brick-and-mortar retailers are shifting to digital platforms, and schools and offices have adapted to remote learning and working. In S&P Global Ratings' view, these digitalization trends are here to stay and will inevitably lead to a higher likelihood of cyber incidents. The demand for cyber re/insurance coverage has increased significantly, mainly because of a heightened and rising awareness of cyber risks. The pandemic exacerbated the huge cyber reinsurance protection gap by causing existing and new clients to request larger limits and more inclusions in their policies' terms and conditions (T&C). In addition, some insurers are offering more-advanced services, including value-added assistance services, and we have seen a shift from nonaffirmative to affirmative (explicit) cyber coverage, leading to previously unrecognized premium volume.</subfield>
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