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The world of cyber liability insurance has become more and more complex with the rise of cryptocurrency. The collapse of the FTX crypto exchange has made “an already difficult area of insurance that much more complicated,” says David Derigiotis, chief insurance officer at insurtech Embroker.
“It’s going to take a little bit of time to dig out of this,” Derigiotis says. Still, he thinks crypto can be a viable investment after the market can “earn back that trust.” Although “we’ve seen constant hacks in the crypto space,” he says, “with the rise of insurtechs, we’re seeing many more proactive services … to help the customer help the client harden their cybersecurity posture.”
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