Cyber insurance market will be twice as big over 3 years, Munich Re

Cyber insurance market - Security - Cyber Network

Data breaches and other cyber attacks are growing in frequency and size, boosting coverage need. The cyber insurance market will reach more than 8 billion dollars by 2020, representing a doubling from its 2017 figure, says Munich Re. Cyber attacks making major headlines are rapidly becoming more dramatic and damaging. Among the most damaging cyber attacks organizations have seen over recent months and years include WannaCry and NotPetra. These malwares had a significant economic impact as they infected hundreds of thousands of devices last year. These high profile attacks have…

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Banks are selling customized cryptocurrency insurance packages to businesses

Cryptocurrency insurance - digital information

According to a recent Bloomberg Report, several insurers are offering these custom products. A number of large insurers are now quietly selling cryptocurrency insurance packages to businesses. Despite the association with thefts and hacks, Allianz, AIG and others are offering customized deals to cover the digital currencies for digital asset businesses. Providing cryptocurrency protection is increasingly commonplace despite the lack of publicity. Insurers are acting quite quietly regarding the cryptocurrency insurance they sell. Aon currently holds more than 50 percent of the total cryptocurrency insurance market. The London-based insurer appears…

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Cyber insurance policies carried by a falling number of companies

cyber insurance policies coverage fraud

PricewaterhouseCoopers has recorded a sharp drop in the number of firms with coverage in the last year. According to a recent PricewaterhouseCoopers survey, the number of companies in Great Britain with cyber insurance policies has plummeted. Firms have rapidly dropped the expensive coverage even as they boost their security budgets by as much as twice over. This has occurred at the same time that an array of high profile businesses experienced cyber attacks and data breaches. PwC explained that firms hesitate to invest in cyber insurance because the coverage appears…

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Cyber insurance confusion causes gaps in coverage

cyber insurance confusion computer

This sector of the insurance industry is doing great business but policyholders may not know what they need. Businesses are very aware that they need protection against data breaches, but cyber insurance confusion is causing notable problems. Companies know they need coverage but don’t necessarily know precisely what that coverage should include. This is a very complex market, which makes it difficult to determine what coverage is needed. After all, the cyber insurance confusion doesn’t just start at buying a policy. Even assessing the damage following a major data breach…

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Cyber insurance coverage boosted by half of all risk managers

cyber insurance policies coverage fraud

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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