Tag: cyber insurance

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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Cyber insurance policies carried by a falling number of companies

Marc
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 coverage boosted by half of all risk managers

Julie Campbell
cyber insurance policies coverage fraud

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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Cyber insurance premiums are falling as major digital attacks drop in frequency

S.Vagus

Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…

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Cyber insurance more affordable as headline hacks dwindle

G. Turner
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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