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Cyber ​​risk insurance: some recommendations from the Ministry of Finance’s Directorate General – Insurance

Despite private or public actors’ anticipation of cyber risks, or even their obligation to do so (for an overview of the legislation, see the very latest Cyber ​​Security Code, Dalloz, 2022), the occurrence of an attack on an information system can have devastating individual or collective, social, economic or legal consequences. At the same time, cyber risk insurance is developing with difficulty, which raises many questions, such as the insurance possibility of a ransom or an administrative fine.

Cyber ​​risk insurance is a topic that gives rise to considerable debate and much consideration. The report that the Directorate-General for the Ministry of Finance issued on 7 September on this subject is a further illustration of this. In response to the request of Bruno Le Maire, Minister of Economy, Finance and Industrial and Digital Sovereignty, it is the culmination of a year of reflection in a working group made up of various players in the sector. including the services of the Directorate General of the Ministry of Finance, representatives of insurance companies and companies, ACPR, ANSSI, insurance and reinsurance companies, insurance distributors, actuaries and experts from academia.

The reasons to justify such work are simple: the digitization of our economy creates new risks that burden companies known as “cyber risks”. The latter most often materializes in cyber attacks. The report finds that 54% of French companies were subject to a cyber attack in 2021 (p. 9). In light of our dependence on the digital ecosystem, the increase in the volume, frequency and complexity of cyber-attacks, as well as the importance of the issues (the very survival of companies), a market…

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