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 Personal Cyber Insurance on its USA platformRapidly growing global insurtech BOXX Insurance, rolls out personal cyber insurance in the USA to protect individuals and families from today’s digital risks The all-in-one insurance plan combines protection, access to an incident response team and ‘admitted’ coverage underwritten ...
News and Articles
- BOXX Insurance Launches Personal Cyber Insurance on its USA platform
- Ransomware attacks double in frequency but new approach helps enterprises thwart extortions: Resilience claims report
- Cyber incidents increase, driven by exploitation of software vulnerabilities, finds Beazley report
- Organizations with Unresolved Critical Vulnerabilities More Likely to Experience a Cyber Claim: Coalition
- At-Bay Introduces World’s First InsurSec Solution to Address Growing Cybercrime Rates among U.S. Small Businesses
- 2023 OpenText Cybersecurity Threat Report Reinforces Need for Multilayered Security Approach
- Marsh McLennan Research Links Key Cybersecurity Controls to Reduced Cyber Risk
- Beazley Launches Cyber Resilience Services
- Huntress Research Survey Pulls Back Curtain on Security Threats to Mid-Sized Businesses
- Another Cybersecurity Wake-up Call: Cisco Cybersecurity Readiness Index