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

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 market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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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 more affordable as headline hacks dwindle

Cyber Insurance

As the hype over high profile data breaches subsides for a while, the premiums for coverage have fallen. Cyber insurance companies have responded to a lull in the occurrence of high profile hacks by slashing the rates they are charging to businesses such as health care companies and retailers to cover them against data breaches. This trend has been continuing throughout the first quarter of the year and has prompted insurers to cut rates. Over the last handful of years, particularly over the last couple, there have been some extremely…

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Cyber insurance gets a boost in Canada as CROs recognize its importance

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As data breaches become more commonplace and receive more media attention, companies are protecting themselves. While companies in Canada had been following the cyber insurance trends seen in many other countries, the insurance news headlines involving some massive data breaches including ransomware, threats and demands for payment. With these events becoming more visible and more common, companies are turning to insurance companies. The trend skyrocketed after the Canadian site Ashley Madison experienced a tremendous data breach that saw worldwide media coverage. To many businesses in the country, this made it…

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Cyber insurance market is surging

cyber insurance confusion computer

Cyber attacks estimated to cost businesses as much as $500 billion a year in damages The cyber insurance market is poised to see massive growth in the coming years. Cyber crime has become a very profitable business, with companies that have been hit by data breaches and other attacks reporting major financial losses. According to a recent report from Cybersecurity Ventures, cyber attacks cost businesses an estimated $400 billion every year, though other estimations suggest that the damage is closer to $500 billion a year. Cyber insurance market set to…

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PwC report shows cyber insurance becoming $7.5 billion market in 5 years

Cyber Insurance

These predictions for the Indian market were revealed this week at the Monte Carlo Reinsurance Rendezvous. According to the figures that were released at the Monte Carlo Reinsurance Rendezvous, the market for cyber insurance could blossom to a hefty $7.5 billion in India as early as the end of 2020, if things continue as they have been. This forecast, along with several other insurance predictions, was released by PricewaterhouseCoopers (PwC). PwC also stated that by the end of 2018, the cyber liability insurance market will have risen to $5 billion…

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Cyber insurance continues to grow in importance

Cyber Insurance Coverage

Start-ups are beginning to see the greater importance of cyber protection Cyber insurance is becoming a very important priority for entrepreneurs, especially those invested in the digital market. Data is a major asset of many companies that operate online and this data can be associated with a wide range of information concerning customers or a business’ operations. For start-ups, protecting this data is becoming more important and cyber insurance is becoming an ideal way to mitigate the impact of malicious attacks that would steal this information. Data is a very…

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Cyber insurance partnership forms between Allianz and Pentura

Cyber Insurance

The UK insurer has now joined up with a digital risk management company for this new product. Allianz is now offering cyber insurance among its products now that it has teamed up with Pentura, a cyber risk management firm, so that commercial customers will have the assistance that they need to improve their digital security and the guidance and coverage they require if a data breach occurs. As a component of the agreement, Allianz Commercial policyholders will receive free Pentura consultations. Part of the deal between the two companies means…

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