Tag: cyber insurance policies

Cyber insurance market is stalling as risk rises

H. Cutner
Cyber Insurance - Reinsurance

Insurers are facing tighter margins and larger losses as they place a greater reliance on reinsurance. As risks rapidly rise, cyber insurance companies are watching their losses rise and their margins tighten. At the same time, insurers are placing a heavier reliance on reinsurance to mitigate their own risks. Though the coverage is becoming essential for businesses, it is dropping in appeal for insurers. For many businesses, cyber insurance is becoming harder to find. In fact, even compared to just one year ago, it’s more difficult to find affordable coverage.…

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Cyber insurance policies are rapidly producing more claims in the EU

H. Cutner
Cyber insurance policies - cyber attacks

The number of filings insurers are receiving across Europe has seen a sharp increase. European insurers are receiving a much higher number of claims on cyber insurance policies, reflecting an increase in malicious digital attacks. Organizations are increasingly digitized and are facing growing vulnerability to attacks. This new cyber insurance policies data was a part of the findings from Marsh, Wavestone, and CMS law firm research. It involved an analysis on claims data managed by Marsh across the EU. The data showed that the claims growth rate over the last…

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Are cyber insurance companies contributing to ransomware attack growth?

Nordstrom
Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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Cyber insurance policies will likely achieve a standard in the near future

Logan B.
Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Cyber insurance policies carried by a falling number of companies

Marc
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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