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.
- Business Leaders Have Less Than One Day Each Year to Focus on Cyber Risk: SurveyGlobal Cyber Risk Perception Survey by Marsh and Microsoft highlights gap between concern and approach to cyber threats New York, NY (Sept. 17, 2019) – Amid a wider range of issues to handle, a majority of board members and senior executives responsible for their organization’s cyber risk ...
News and Articles
- Business Leaders Have Less Than One Day Each Year to Focus on Cyber Risk: Survey
- Coalition Launches Leading Cyber Insurance Coverage for Middle Market Businesses
- CISOs Believe Capabilities of Attackers are Outpacing their Ability to Defend their Organizations: Forbes Insights Report
- QBE North America Launches Enhanced Cyber Risk Solution
- Safeguarding value in the era of cyber risk
- AIG Finalizing Transition to Affirmative Cyber Coverage Across Global Commercial Lines
- Swiss Re and Capsicum Re deliver “Decrypt” – a holistic cyber reinsurance solution
- Silent-cyber claims expectations decline across insurance lines and industry groups
- New Chubb InFocus Report Outlines Latest Cyber Risks
- Paychex Introduces Cyber Liability Protection in the U.S.