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-attacks are #1 risk in North America, Europe, Asia and the PacificFrom unemployment to growing cyber-risk, business executives in different regions have different worries Executives from different regions ranked unemployment, failure of national governance and energy price shocks as top risks for doing business, according to new Regional Risks for Doing Business ...
News and Articles
- Cyber-attacks are #1 risk in North America, Europe, Asia and the Pacific
- Unica Insurance announces the launch of Privacy Breach coverage solutions
- Crawford Expands Cyber Coverage to Include Service Solution for Small to Medium-Sized Enterprises
- AXA XL Launches Cyber Insurance for Small & Mid-Size Businesses on Slice ICS
- AIR Develops Advanced Probabilistic Model for Global Cyber Risks
- Zurich’s 2018 Advisen cyber survey reveals a growing reliance on cyber insurance
- Aon and Guidewire launch cyber scenario for a U.S. dam attack
- What Carriers Should Seek From Cyber Risk Modeling Partners
- EY provides Cybersecurity as a Service on Microsoft advanced cybersecurity technologies
- BI&I Announces Canada’s First Home Cyber Coverage for Consumers