Every week, there seems to be a major new data breach that impacts millions. So it’s no surprise that personal cyber insurance are being offered by insurance companies, and the global market could be worth as much as $3.1 billion by the year 2025.
Lloyd’s of London has issued a bulletin indicating that its cyber insurance products will no longer cover the fallout of cyber attacks exchanged between nation-states. This definition extends to operations that have "major detrimental impact on the functioning of a state."
In what is shaping up to be a major test case for the entire cyber insurance industry, Zurich Insurance is refusing to pay out a $100 million claim from Mondelez, saying that the ransomware attack was actually an act of “cyber war,” and therefore, is not covered by the policy.
Why “Ransomware Insurance” Causes Healthcare Industry to Overlook Deeper, Underlying Security Issues
For the healthcare sector where 34% of all organizations were hit by ransomware last year, cyber insurance may seem like a good investment. However, this may give many organizations a false sense of security.
AIG releases new cyber risk benchmarking model to quantify and score cyber maturity of clients, boosting cyber insurance and promoting metrics useful for the industry to evaluate the risks that organizations face in terms of cyber security.
Marsh report shows that companies purchasing cyber insurance in 2019 more than doubled since 2014 as more and more companies are recognizing cyber threats as a critical business risk.
Many cyber insurance providers are now requiring basic security hygiene from their customers. One of those requirements is multi-factor authentication (MFA), which adds a layer of protection to sign-in processes.
Insurers have a vital role to play in inoculating organizations against potentially crippling attacks. With cyber insurance premiums forecast to reach $7.5 billion by 2020, how can insurers do their part to leverage this opportunity for the benefit of customers in today’s digital world?
An increase in cyber attacks and claims is challenging for the cyber insurance business. Insurers have made changes in response: narrowing the parameters for coverage, increasing prices, and introducing new requirements for cover.
Insurance giant Marsh & McLennan is leading a “Cyber Catalyst” program involving top cyber insurance companies to provide seal of approval for top-rated cybersecurity products. How will this impact consumers and the cyber insurance industry?
