Tag: cyber insurance market

Despite huge cyber insurance market growth, it remains a tiny industry fragment

Nordstrom
Cyber Insurance Market - Cyber Security

Businesses are catching on to the critical nature of this coverage, but there is a long way to go. The cyber insurance market represents a relatively new environment which comes with a high risk level. This requires insurance companies to use a cautious and meticulous strategy supported by reinsurance, according to a Moody’s Investors Service report. While the market growth is taking off, it still represents only a small fraction of the industry’s revenue. The cyber insurance market experienced a 26 percent cumulative annual growth rate in direct premiums since…

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

Marc
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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Cyber insurance providers may face greater risk than natural disasters

Marc
Cyber insurance providers - cyber attack - internet - online - Hacker

Data increasingly shows that the cost of a massive cyberattack can be more costly than a hurricane. It took a number of years for cyber insurance providers to be taken seriously. However, with the rising frequency and cost associated with high-profile and widespread attacks, that situation is changing. Insurance policies against hacking and data breaches are becoming the standard among large businesses. A recent PYMNTS report outlined the rising trend toward this type of coverage. Moreover, it pointed out that, moving forward, cyber insurance providers will face major risks. They…

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Cyber insurance market grows by over a third last year

H. Cutner
computer keyboard cyber insurance market

A recently released Fitch Ratings report suggests that this digital coverage grew by 35 percent. A new Fitch Ratings report suggested that the cyber insurance market’s premium exposure, estimated to be $1.35 billion, is greater than predicted. Fitch pointed to natural obstacles to differentiating the cyber related premium from other forms of multi-line coverage products. High profile hacking cases making headlines are driving interest in the cyber insurance market. “Take-up rates for cyber insurance are increasing with frequent reports of computer hacking incidents, including: network intrusions and data theft, as…

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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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