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.
- Advancing Cyber Risk Management: From Security to ResilienceNew York, NY (July 1, 2019) – Since 2017, risk experts have consistently ranked large-scale cyber attacks and data fraud among the top five mostly likely risks around the world. Despite growing anxieties about cyber threats, cyber resilience strategies and investments continue to lag. Globally, the ...
News and Articles
- Advancing Cyber Risk Management: From Security to Resilience
- “Escalating” cyberattacks costing firms millions: Willis Towers Watson and ESI ThoughtLab
- Markel International Launches Cyber 360 Policy
- U.S. Cyber Insurance Premiums Have Doubled in Four Years
- Hiscox Launches Cyber Exposure Calculator
- Verisk Launches New Underwriting Solution for Cyber Insurance
- Metaco and Aon launch insurable crypto asset storage technology for banks
- BMS partners with BitSight to provide cyber risk analysis services
- Anatomy of a cyber policy: CFC Underwriting
- Chubb and Clyde & Co launch Emerging Cyber Risks and Multinational Insurance Report