As cyber insurance matures, the question remains: is coverage expansion keeping pace with industrial risk? At the 10th ASTIN Cyber Workshop (October 28, 2025), DeNexus led a session on Insurance Market Cyber Aggregation Risk in the Industrial Sector, where experts explored the next frontier of cyber-physical risk quantification.
Panelists included Rosa Kariger (Board Member, DeNexus), Neil Arklie (Director, A I UK International Limited), and Christopher Norwood (Cyber Analyst, Chaucer Group). Together, they examined how data-driven models and cross-industry collaboration are reshaping risk understanding for insurers and industrial asset owners.
According to Rosa Kariger, most discussions in cyber insurance still revolve around event frequency, often neglecting the deeper question of impact. She highlighted that the key driver of cyber risk remains the attack surface—the number of exposed assets and vulnerabilities.
In operational technology (OT) environments with limited external exposure, risk behaves differently—necessitating telemetry-based, industrial-specific models rather than generic frameworks.
Kariger stressed that the path forward depends on collaboration between cyber and property insurance lines, allowing the industry to better understand and insure cyber-physical damage.
Christopher Norwood shared how Cyber Risk Quantification (CRQ) is transforming underwriting workflows. CRQ does not replace the underwriter—it augments decision-making through data-driven insights.
Through Chaucer’s Vanguard initiative, the company applies DeNexus’ DeRISK platform internally, showcasing measurable value to insureds and enhancing transparency. This integration bridges the gap between cyber risk models and financial exposure analysis, enabling portfolio managers and CISOs to conduct pre-mortem assessments and loss driver mapping.
Norwood noted that adoption barriers remain—ranging from legacy technology to limited executive buy-in—but initiatives linking risk mitigation with premium incentives are setting new benchmarks for resilience-based underwriting.
Neil Arklie emphasized that the greatest growth opportunity lies in cyber-physical coverage—an area still underinsured. To unlock this market, the industry must translate risk in terms CISOs understand, supported by telemetry and empirical loss data that continuously refine exposure models.
By embedding cyber risk quantification within broader lines such as property, marine, and energy, insurers can drive meaningful expansion while aligning with the realities of modern industrial risk.
The session underscored a shared conviction: the cyber insurance market can only evolve through collaboration, transparency, and evidence-based modeling. As Rosa, Christopher, and Neil made clear, industrial-focused CRQ platforms like DeNexus’ DeRISK are not just tools—they’re catalysts for the next phase of cyber-insurance innovation.
Explore our CRQ solution: Dive into how DeNexus’ DeRISK platform enables detailed cyber risk quantification, scenario analysis, and insurance-grade underwriting support.
Unlock vulnerability-management at scale (QVM): Discover how Quantified Vulnerability Management (QVM) enables continuous assessment of industrial OT/IT assets, actionable insights, and prioritized remediation.