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 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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