Cyber Security Global Trends: Insurance & Risk Mitigation Best Practice
Improvements in cyber security and business continuity are helping to combat encryption-based ransomware attacks, yet the cyber threat landscape is evolving
Cyber Insurance
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Cyber insurance generally covers business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records. Cyber risk means any risk of financial loss, disruption or damage to the reputation of an organisation from some sort of failure of its information technology systems.
General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
Who needs cyber insurance? If your business uses, sends or stores electronic data, you may benefit from cyber insurance. That data, whether it belongs to the business or is sensitive customer information, is vulnerable to cyber-attacks and data breaches; cyber insurance can help with the cost of recovery.
Cybersecurity Spending Trends. Cyber Insurance Premiums Risen Exponentially
Spending on cyber risk has risen fast and attention paid to the issue by top management has markedly increased. But the news is not all good
Global Cyber Risk Trends and Insurance Survey
The cyber insurance market reached a record size last year. Cyberattacks and the volume of compromised digital assets increased simultaneously
Lloyd’s Systemic Cyber Risk Scenario: Potential Global Economic Losses of $3.5trn
Lloyd’s published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber attack on a major financial services payments system
Challenges for Cyber Insurance Market’s Growth Potential
The realisation of the cyber market’s growth potential is tied to geopolitics and macroeconomics, but also sme penetration, tail-risk management
Cyber Insurance Market Dynamics Changed Significantly
Cyber insurance dynamics have shifted significantly over the last 12 months. After a period of upheaval – characterised by a rapidly deteriorating loss environment
War Exclusions in Cyber Insurance are Centre Stage as Re/Insurers
Whilst there have been no cyber attacks of comparable scale since the invasion of Ukraine, the scope of cyber insurance, and the war exclusions issue specifically
