Latest industry trends in cyber security and cyber insurance
Cyber insurance is one of the most important new insurance lines to emerge in decades. According to Lloyd’s, cyber crime already costs organisations an estimated £500 billion every year, and this number is growing every year. Not surprisingly, cyber risk has emerged as one of the top three risks that concern Chief Risk Officers and enterprise insurance buyers, and over 70 insurance carriers have responded by entering the market with cyber insurance policies.
While insurance policies may help business recover some costs after-the-fact, they do not reduce cyber risks. Such risks are constantly evolving, along with technology, security vulnerabilities, and the motivations of cyber criminals. And individual industries are subject to specific risks based on their preferred technologies, the type of data they collect and store, and the potential impact of business interruption and property damage.
How is the security landscape shifting, and what are the implications for insurance carriers and brokers? To help answer these questions, this article draws on expertise from leaders in the cyber security and cyber insurance industries.
Download this article for a detailed overview of the changing landscape over the past six months and what insurance carriers and brokers need to know.