Tag: cyber insurance

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 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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Dark Overlord may prove to be the insurance industry’s biggest threat

Marc
Dark Overlord - Insurance Industy - Cyber attack

Cyber threats pose a nearly immeasurable risk to an industry based on stored private information. Dark Overlord is the name of an individual or group behind what may be a massive cyberattack on insurance companies. Dark Overlord claims to have stolen files connected with the insurance filings made as a result of the terror attacks of September 11, 2001. If this is the case, Dark Overlord may have achieved the largest ever hack into the insurance industry. According to a Forbes report, Dark Overlord is seeking Bitcoin payments in exchange…

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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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Georgia purchase largest US cyber insurance policy

Logan B.
Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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New commercial cyberattack study underscores importance of business cyber insurance

G. Turner
business cyber insurance

A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…

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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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