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.
- Boxx Insurance launches Cyberboxx™ to protect small business cyber security and prepare for new data regulationToronto, ON (May 22, 2018) – Boxx, a new insurance MGA based in Toronto, officially launched its flag-ship product Cyberboxx™ today with a clear mission – to make the internet a safer place for small- to medium-sized enterprises and by doing so, helping them become compliant with the new data ...
News and Articles
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- Cisco, Apple, Aon, Allianz Introduce a First in Cyber Risk Management
- Business Interruption, Cyber Incidents Dominate 2018 Risk Landscape