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.
Latest News:
- Beazley launches market’s first cyber catastrophe bondGroundbreaking bond sees Beazley’s high quality cyber portfolio generate support from major ILS investors, resulting in a vital step towards creating a dynamic market for cyber catastrophe risk London, UK (Jan. 9, 2023) – Beazley, the leading specialist insurer, has launched the market’s first ...
News and Articles
- Beazley launches market’s first cyber catastrophe bond
- Forward Insurance Managers launch Cyber Risk Insurance product
- Ridge Canada Cyber Solutions and Agilicus Partner to Help Organisations Qualify and Obtain Cyber Insurance
- Beazley’s latest Cyber Services Snapshot research reveals fraudulent instruction claims are on the rise
- Cyber Insurance: Strengthening Resilience For The Digital Transformation
- BOXX Insurance acquires cyber threat intelligence company
- 2022 Advisen-Zurich survey illuminates growing cybersecurity concerns
- More Consumers are Taking Measures to Protect Themselves from Cyber Attacks
- Cyber cover to become as ubiquitous as public liability or professional indemnity insurance
- Relay Joins Forces With Cybercube To Deliver Advanced Cyber Quoting Experience