Tag: cyber insurance industry

Cyber insurance coverage critical as Homeland Secretary warns over ransomware

Marc
Cyber insurance coverage - cyber security

DHS Secretary Alejandro Mayorkas said coping with ransomware will become a top priority. Cyber insurance coverage importance has never been clearer than it became when Department of Homeland Security (DHS) Secretary Alejandro Mayorkas warned that dealing with ransomware will become a top priority. This has only underscored the rising threat of cyberattacks and the data-scrambling malicious software. Ransomware is a type of malicious software that locks an individual, company, organization or government out of its files and networks until a payment is made. This type of attack has been rapidly…

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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 growth has declined as the industry struck $2 billion last year

H. Cutner
Cyber insurnce growth - binary - cyber - tech

Fitch Ratings data showed that the market’s growth fell from 37 percent in 2017 to 8 percent in 2018. Cyber insurance growth has continued to rise at a healthy rate, but according to Fitch Ratings, it is not growing at a rate anywhere near what it was in 2017. In 2018, the insurance industry’s total direct written premiums for cyber coverage grew by 8 percent. According to Fitch Ratings, the total direct written premiums saw a cyber insurance growth rate was 37 percent in 2017. However, despite the fact that…

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Cyber insurance market growth is fast and healthy, says Swiss Re

Marc
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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Demand for cyber insurance is on the rise

Logan B.
cyber insurance

Cyber insurance is becoming more popular among the world’s various organizations Demand for cyber insurance is on the rise throughout the world, according to a new report from Timetric. This is largely due to the growing frequency of digital attacks against businesses and governments. These attacks are having a major financial impact on several organizations and consumers. With more businesses beginning to rely on technology and the digital space, cyber attacks are becoming a significant concern and organizations want protection against these attacks. Some $2.5 billion cyber insurance premiums collected…

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