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.
- Technology Top of Mind for Financial ExecutivesCyber security a growing concern; companies taking a ‘watch-and-wait’ stance toward blockchain Toronto, ON (Jan. 9, 2019) – From keeping pace with change and preventing cyber breaches to investing in emerging tools, such as blockchain, technology remains top of mind for corporate financial ...
News and Articles
- 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
- Cyber and D&O Liability increasingly interlinked
- Risk management function must evolve to become trusted advisors as banks reinvent themselves
- Cyber-attacks are #1 risk in North America, Europe, Asia and the Pacific
- Unica Insurance announces the launch of Privacy Breach coverage solutions
- Crawford Expands Cyber Coverage to Include Service Solution for Small to Medium-Sized Enterprises