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.
- Leaders of U.S. organizations rank cybersecurity, employee claims as top directors and officers (D&O) liability concernsWillis Towers Watson survey captures D&O risk perceptions and key D&O insurance program considerations4.1 Arlington, VA (July 19, 2018) – Cybersecurity ranked as the top directors and officers (D&O) liability concern for organizations today, while claims brought by employees, including ...
News and Articles
- Leaders of U.S. organizations rank cybersecurity, employee claims as top directors and officers (D&O) liability concerns
- Less Than Two-Thirds of Organizations Have a Cybersecurity Expert: Gartner
- Hidden Costs of Data Breaches Increase Expenses for Businesses
- US cyber insurance premiums see 37% increase to $1.84bn
- ACORD, Aon, and Beazley Unveil Industry’s First Standard for Global Cyber Data Breach
- Chubb Announces Enhanced Cyber Incident Response Capabilities Globally
- Cyber insurance premiums to outpace all others: Aon global analysis
- Boxx Insurance launches Cyberboxx™ to protect small business cyber security and prepare for new data regulation
- Guy Carpenter Licenses First-of-its-Kind Cyber Risk Modeling Platform from CyberCube
- Consumers Feeling Deep Anxiety over Data Privacy, Security