Cyber insurance costs still rising, say big banks
Op Risk Benchmarking: Cost of covering same exposure as last year now “somewhat” or “significantly” higher
The cost of insuring against cyber losses continues to climb for major banks, with many reporting higher premiums while maintaining the same level of coverage as last year.
The findings are taken from the second round of Risk.net’s Op Risk Benchmarking initiative, featuring data from global systemically important banks, or G-Sibs. Questions compared best practice on the same core aspects of op risk frameworks, such as risk appetite-setting, risk monitoring and quantification (jump to Mini
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