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Cyber pricing: Have carriers got it right? | Canadian Underwriter

Cyber insurance is a good tool to help clients understand their vulnerabilities, but carriers need to do a better job of pricing according to risk, speakers suggested at a recent conference.

“There seems to be a lot of spit-balling on the pricing in the marketplace today and I think for buyers, that’s always problematic,” said Doug Howard, vice president of global service and IT Innovation at RSA Security LLC, a unit of Dell Technologies Inc. “I have had insurance quotes…where one quote might come in in the millions of dollars and for the same exact [coverage] see something for $200,000. And then when you go back and challenge the other company, mysteriously, the gap will close pretty rapidly for no particular reason.”

Howard was moderating a panel discussion Tuesday at the International Cyber Risk Management Conference, produced by MSA Research and held at the Metro Toronto Convention Centre.

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Cyber pricing: Have carriers got it right? Canadian Underwriter.

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