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.
- Antigena Email and Enterprise Immune System Designated Marsh Cyber Catalysts 2020San Francisco, CA (Jan. 14, 2021) – Darktrace, the world’s leading cyber AI company, is pleased to announce that two of its core products have been designated Marsh ‘Cyber Catalyst’ solutions. The program brings together leading cyber insurers to identify the solutions they believe most effective ...
News and Articles
- Antigena Email and Enterprise Immune System Designated Marsh Cyber Catalysts 2020
- Ransomware severity and costs increase in 2020: Beazley
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- Cyber crime brings expensive losses for companies, but internal failures most frequent cause of cyber claims: Allianz
- Aon secures $70 million alternative capital capacity led by HSCM to transfer systemic cyber risk
- Chubb Enhances Proprietary Chubb Cyber Index with New Functionality
- Burns & Wilcox Launches Cyber Protection For Individuals, Families and Homes
- Middle-market cyber attacks rise during the pandemic: Beazley Breach Insight
- Ransomware Defense in Financial Services: Retreating From the Cloud