Tim Smith is quoted today on the unforeseen complexities and risks associated with cyber-risk policies for insurers, in the Times 'Raconteur' (25 April).
“Simply put, changes in technology affect how data is collected, stored and used, and the risks to which businesses are exposed as a result,” says Tim Smith, head of cyber at commercial law and insurance specialist BLM. Data type and volume varies enormously from organisation to organisation, as does the risk represented. “Assessing that risk, identifying what the exposures are, then working out how much of that risk the company wants to manage through an insurance product is not straightforward,” says Mr Smith. He makes the point that unlike motor insurance, for example, there isn’t a century of claims data to fall back upon.
