Cyber Risk and Security

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.

Cyber Insurance Market Watch Survey

When it comes to cyber insurance, clients are becoming more familiar with the risks, take-up rates are increasing steadily, and prices continue to stabilize, according to The Council of Insurance Agents & Brokers' Spring 2017 Cyber Insurance Market Watch Survey.   (Read more)

News and Articles

More cyber risk news and information.