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.
- CFC launches new cyber excess policyNew offering provides up to $10 million of additional cyber cover for businesses wishing to top up their limits Chicago, IL (Jan. 7, 2020) – CFC, a specialist insurance provider and pioneer in emerging risk, has announced the release of its cyber excess solution, which gives small and medium-sized ...
News and Articles
- CFC launches new cyber excess policy
- Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
- Hiscox Adopts CyberCube’s Risk Analytics Software
- Beazley and RenaissanceRe collaborate on cyber catastrophe cover solution backed by capital markets
- Top 10 Trends in Cybersecurity: More Ransomware, Evolving Strategies, and New Tools
- AXA XL Announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management
- Cyber Insights for Insurers: Aon’s Quarterly Review
- Argo Launches Cyber Sphere Solution with Extensive Loss Control and Cyber Risk Management Services
- Marsh Enhances Cyber Risk Consulting Capabilities
- Vulnerability Management: Take Your Program to the Next Level