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.
- Security Response Planning on the Rise, But Containing Attacks Remains an Issue: IBM StudyMajority of organizations have no specific plans for common and emerging attacks Cambridge, MA (June 30, 2020) – IBM Security has announced the results of a global report examining businesses’ effectiveness in preparing for and responding to cyberattacks. While organizations surveyed have ...
News and Articles
- Security Response Planning on the Rise, But Containing Attacks Remains an Issue: IBM Study
- Board-business dynamic is contributing to cyber risk: EY survey
- U.S. Cyber Insurers Saw 10% Loss Ratio Increase due to Ransomware in 2019
- Coalition Launches Disruptive Cyber Insurance & Security Offering In Canada
- CyberCube Launches First Cyber Analytics Product for Broker Market
- Making the Case for Identity and Access Upgrades
- Cyber Hygiene in the COVID-19 Era: Breach and Attack Emulation
- Apollo adds best-in-class cyber insurance package for online purchase on the Exchange
- Accenture Acquires UK-Based Cybersecurity Consultancy
- Zurich teams up with global security specialist to expand cyber protection offering as risks grow