If your business is dealing with data then ignoring the peace of mind that cyber liability insurance would provide would be foolhardy. In fact, the very survival of a business that stores and leverages customer data in any way may very well depend on good cyber liability coverage.
AXA France, regional division of European insurance giant AXA Group and France's largest general insurer, has announced that it will no longer reimburse ransomware payments for customers within the country.
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?
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."
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.
Most businesses are more vulnerable to emerging risks such as malware and ransomware attacks than traditional threats yet there are coverages gaps in their cyber insurance policy.
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?
Only 18% of businesses recently surveyed said they have comprehensive cyber insurance coverage, however the gap is not closing with only 27% of insurers having the technological capability to provide a plan to cover cyber risks.
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.