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.

  • Cybercrime Cost Canadian Companies More Than CAD$12M In 2018
    Malware and people-based attacks the most common cyberattacks in Canada, reveals “Cost of Cybercrime Study” from Accenture and Ponemon Institute Toronto, ON (May 7, 2019) – The cost to Canadian companies from malware and people-based cyberattacks, such as phishing and social engineering, was an ...