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Member, Beacon International Group, Ltd.
U.S.-based S&P Global Inc. said that insurers and reinsurers are likely to partner with governments and capital markets worldwide to boost available cyber risk capacity and mitigate its enormous loss potential, Artemis.bm reports. A report by the ratings agency found that a lack of global standards, including the definition of cyber events, liberal exclusions in insurance policies and insufficient risk modeling are hampering the cyber insurance market's development.