On this episode of the Insuring Cyber Podcast from Carrier Management and Insurance Journal, Guy Carpenter’s Matthew McCabe, Managing Director, Cyber Center of Excellence, says he anticipates a 3-party system emerging between insurers, policyholders, and the federal government.
“It’s going to have to take that kind of 3-party system of understanding what the policyholder needs are, what the insurance industry is capable of doing, and where the appropriate place for the government to participate will be,” Matthew explained.
He said he sees public-private partnerships as the way forward for solving big issues like cyber risk, particularly in the critical infrastructure sector.
“The government just offers the capabilities at scale, which no other organization can. If you think about the history of accomplishments like federal highway systems or space exploration, you’re just able to get big things done when you talk on a government scale,” he said. “But from the insurance industry, we offer expertise. We offer assessment of risk. We offer quantification of risk impact, and we offer a knowledge of claims and coverage and wording.”
See the full episode below.