Where until recently, cyber risk was on every insurer’s radar as one of their top emerging risks to keep an eye on, today, it has evolved into a mature risk, one which insurers cannot afford to ignore.
Aside from constantly evolving, risks are also getting increasingly interconnected. Developments over the past couple of decades, such as the rise of the internet and global trade have created an environment in which the occurrence of an isolated event can trigger a further event, and so on, which in turn may lead to a chain reaction of sorts, ultimately unfolding into a more widespread crisis. This makes that risks should be managed differently to how they were managed in the past. All in all, this changed landscape poses a challenge for actuaries.
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