Cyber Risk and Security

Companies and individuals increasingly rely on digital technology to work, to entertain, to purchase, to sell, to travel, and to live. Smart insurance professionals have caught on and are developing products to respond as required in order to mitigate risk.

But the distinctive characteristics of cyber risks make this area a challenge. More often than not, the items at risk are intangible. Criminals don't have to be physically close to steal information and digital currency. Terrorists can undermine infrastructure without any direct physical contact.

To address these cyber risks, underwriters and claims professionals are partnering with experts in data, computing and analytics. As the clash between digital security and cyber piracy continues to intensify, risk analysis must be ceaseless and mitigation factors must be continuously improved.

The challenges are substantial, but so are the rewards. Experts estimate that worldwide revenue in cyber insurance premiums and services could increase tenfold – from USD $2 billion to $20 billion – within 10 years.

U.S. Cyber Insurance Market Topped $1 Billion in 2016

Top cyber insurance writers have shifted away from writing packaged policies to standalone coverage by nearly a 70-30 split on more than USD 1 billion of direct premiums written in 2016, according to a new A.M. Best special report.   (Read more)

News and Articles

More cyber risk news and information.