Companies and individuals increasingly rely on digital technology to work, to entertain, to purchase, to sell, to travel, and to live. Smart insurance professionals have caught on and are developing products to respond as required in order to mitigate risk.
But the distinctive characteristics of cyber risks make this area a challenge. More often than not, the items at risk are intangible. Criminals don't have to be physically close to steal information and digital currency. Terrorists can undermine infrastructure without any direct physical contact.
To address these cyber risks, underwriters and claims professionals are partnering with experts in data, computing and analytics. As the clash between digital security and cyber piracy continues to intensify, risk analysis must be ceaseless and mitigation factors must be continuously improved.
The challenges are substantial, but so are the rewards. Experts estimate that worldwide revenue in cyber insurance premiums and services could increase tenfold – from USD $2 billion to $20 billion – within 10 years.
Latest News:
- Coalition Enters Long-Term Capacity Agreement with AspenAspen to Assume Share of Active Insurance Provider’s U.S. Cyber Insurance Programs San Francisco, CA (Mar. 11, 2024) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce it has executed a new, multi-year capacity ...
News and Articles
- Coalition Enters Long-Term Capacity Agreement with Aspen
- TruShield Insurance collaborates with Visa to help address cybersecurity risks facing small businesses
- New savings opportunities as Canadians say they are more financially responsible today than a year ago
- Resilience Acquires BreachQuest to Combat Rise of Business Email Compromise and Increase Incident Preparedness for Clients
- Beazley Cyber and Lodestone Merge to Form Beazley Security
- Coalition’s Cyber Threat Index 2024 Predicts Total Published Vulnerabilities to Increase by 25% in 2024
- Social Engineering: Digital Decoys Enticing Kids to Click
- WTW launches tailored cyber insurance solution for small and medium-sized enterprises
- Lloyd’s systemic risk scenario reveals global economy exposed to $3.5trn from major cyber attack
- IBM Canada selects uOttawa for its first university-based cybersecurity training hub for governments and businesses