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.
- Cyber joins business interruption as a leading global risk for companies for first timeAllianz Risk Barometer 2019: 8th annual survey on top business risks sees record participation of 2,415 experts from 86 countries Business interruption scenarios are becoming more diverse and complex with costs rising – cyber incidents most feared trigger outpacing fire and natural catastrophes ...
News and Articles
- Cyber joins business interruption as a leading global risk for companies for first time
- ‘Sextortion’ and the dark side of the web: Beazley Breach Response
- Aon 2019 Cyber Security Risk Report: “What’s Now and What’s Next”
- Boxx Insurance Inc. accelerates growth with Cyberboxx™ solution for the transportation and logistics industry
- Cybercrime Could Cost Companies US$5.2 Trillion Over Next Five Years: Accenture
- Technology Top of Mind for Financial Executives
- Key Cyber Security Trends to Watch in 2019
- Nearly Half of US Insurers Enhancing Security Capabilities Across the Board: Novarica
- Consumers more anxious about data, but trust is central to building customer loyalty
- Cyber and data loss overtake regulatory concerns as top priority facing senior managers