Tag: cyber liability insurance

Cyber insurance market is surging

S.Vagus
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

Julie Campbell
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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Insurance industry could help improve company security

S.Vagus
Cyber Insurance policies commissioners industry

Insurance industry may be able to improve the cyber security of companies The insurance industry may have a major role to play to help companies in the U.S. improve their cyber security, according to the U.S. Treasury Department. Federal lawmakers in Congress are struggling to pass new legislation that concerns cyber security. The legislation would force companies to improve their defense against digital threats during a time when cyber attacks are becoming much more frequent. Sarah Bloom Raskin, deputy secretary of the Treasury Department, believes that insurers can be a…

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Cyber insurance continues to grow in importance

Nordstrom
Cyber Insurance Coverage

Start-ups are beginning to see the greater importance of cyber protection Cyber insurance is becoming a very important priority for entrepreneurs, especially those invested in the digital market. Data is a major asset of many companies that operate online and this data can be associated with a wide range of information concerning customers or a business’ operations. For start-ups, protecting this data is becoming more important and cyber insurance is becoming an ideal way to mitigate the impact of malicious attacks that would steal this information. Data is a very…

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The cyber insurance market will explode to $10 billion in 5 years

G. Turner
identity theft cyber insurance

Still, the market remains primarily untapped, despite the tremendous potential it holds. It may not come as a shock to anybody that the cyber insurance marketplace is taking off and that it was recently estimated that by the year 2020, it will be worth about $10 billion, but what is shocking is the speed that it will reach in order to get there. The growth rate that it has been achieving has made it the top product in the commercial insurance sector. The forecast of the worth of the cyber…

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