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

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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CSC announces the creation of the Insurance Cybersecurity Advisory Council

The Computer Sciences Corporation (CSC) has announced that it has created an Insurance Cybersecurity Advisory Council to assist in the creation of technology strategies and best practices for property and casualty insurers, life insurance companies, and annuity providers, so that they can more effectively control their risk of cyber attacks. This new Council is made up of IT and business executives from a wide range of different insurance companies and will work with the CSC in the promotion of awareness of the issue, and to help to educate the industry…

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P&C insurance agents must keep ahead of the latest threats to privacy

Agents and brokers for property and casualty insurance are being advised to keep abreast of the very latest information and statistics regarding the ever-growing risk of cyber attacks and the different kinds of coverage solutions that can allow their clients to decrease financial exposure. As hacking into private information of all types – financial, personal, and medical, for example – becomes increasingly common, insurance professionals must be able to keep up so that they can offer their clients the right forms of coverage, particularly in terms of miscellaneous professional liability.…

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