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“A Rose by Any Other Name” Does Not Apply to Cyber Insurance — The Lack of Standard Terminology in the Industry

Posted on May 13, 2024May 13, 2024 By Mark Sauter

“What’s in a name? That which we call a rose by any other name would smell as sweet,” wrote Shakespeare. But cyber insurance experts think there’s nothing sweet about the lack of standard terminology in cyber liability insurance policies.

“‘This dearth of common language, (Peter Hedberg of Corvus Insurance) said, can create unintended confusion when companies are comparing one cyber insurance policy to another,” reports SC Media about a panel discussion at RSA.

The challenge is exacerbated by evolving policy verbiage, including that driven by new technologies such as AI and applications for end-point security.

“‘When your CFO is buying insurance, the general liability, the property, the auto, those are all standardized. … Cyber insurance is not standardized. Every insurance company has their own wording,’ said Monique Ferraro, panelist and council at HSB,'” reports the SC Media article.

Standardized language plays a crucial role in the world of business, serving as a foundational tool for effective communication and operational efficiency. Research shows that adopting standardized modeling languages helps businesses capture and utilize strategic information more effectively. For instance, standardized data integration methods, like XML, significantly improve business-to-business interoperability, ensuring smoother interactions and more seamless integration between different systems. Additionally, the importance of clear and consistent communication across international environments is emphasized, highlighting how standardized language helps maintain global operations and fosters better understanding across diverse geographical locations. The academic research collectively indicates that standardized languages are vital for streamlining processes and enhancing cooperation in business settings.

Given the relentless change in the technology and threats underlying cyber insurance, underwriters may be thinking of another quote from The Bard: “We know what we are, but know not what we may be.”

Other News: One in Five Businesses Hit by Cyberattacks, Lacking Preparedness(Opens in a new browser tab)

AI & Cyber Insurance, Cyber Insurance, Cyber Insurance Best Practices, Cyber Insurance Policies & Strategies, Cyber Insurance Underwriting Tags:Cyber Insurance Terminology

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