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.
- Cybercrime Cost Canadian Companies More Than CAD$12M In 2018Malware and people-based attacks the most common cyberattacks in Canada, reveals “Cost of Cybercrime Study” from Accenture and Ponemon Institute Toronto, ON (May 7, 2019) – The cost to Canadian companies from malware and people-based cyberattacks, such as phishing and social engineering, was an ...
News and Articles
- Cybercrime Cost Canadian Companies More Than CAD$12M In 2018
- Cyber readiness levels stall as attacks reach new intensity: Hiscox
- Frank Cowan Company Launches Enhanced Cyber Insurance Product and Services
- The Devil in the Details: Vulnerabilities in 30 Financial Services Mobile Apps
- Marsh Launches ‘Cyber Catalyst’ to Help Organizations Make More Informed Cybersecurity Decisions
- Cyber joins business interruption as a leading global risk for companies for first time
- ‘Sextortion’ and the dark side of the web: Beazley Breach Response
- Aon 2019 Cyber Security Risk Report: “What’s Now and What’s Next”
- Boxx Insurance Inc. accelerates growth with Cyberboxx™ solution for the transportation and logistics industry
- Cybercrime Could Cost Companies US$5.2 Trillion Over Next Five Years: Accenture