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.
- Consumers Feeling Deep Anxiety over Data Privacy, SecurityArmonk, NY (Apr. 18, 2018) – A new survey shows that 78 percent of U.S. respondents say a company’s ability to keep their data private is “extremely important” and only 20 percent “completely trust” organizations they interact with to maintain the privacy of their ...
News and Articles
- Consumers Feeling Deep Anxiety over Data Privacy, Security
- Chubb Launches Proprietary Online Cyber Risk Index
- Willis Towers Watson Expands Cybersecurity Services via Collaboration with IBM Security
- QBE North America Adds Breach Plan Services To All Cyber Policies
- Crawford & Company Launches Cyber Loss Management Program in Canada
- Cyber Risk Management Not Keeping Up with Rising Cybersecurity Concerns
- Cisco, Apple, Aon, Allianz Introduce a First in Cyber Risk Management
- Business Interruption, Cyber Incidents Dominate 2018 Risk Landscape
- Aon’s 2018 Cybersecurity Predictions: Companies Will Make Major Enterprise-Wide Changes to Address Cyber Risk
- Silent cyber added to Willis Re’s cyber portfolio management tool PRISM-Re™