Regulatory Alerts2023-06-29
Cyber Insurance: Exploration of the Dutch Insurance Market
The Dutch Authority for the Financial Markets (AFM) conducted an exploration of the cyber insurance market, noting its small size but expected growth amid rising cyber threats. The AFM identifies three main barriers to consumer protection: the dynamic complexity of policy terms, inconsistent definitions of key concepts like 'cyber incident,' and opaque exclusions such as those for war-related damages. The regulator urges insurers to enhance transparency and encourages industry-wide collaboration to improve product comparability and ensure customers can make informed decisions.
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