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.
Cyber insurance market is set for outsized growth compared with other lines of P&C insurance over the coming 10 years. There is some concern about what factors must come together for growth
Munich Re estimates global cyber premiums at approximately $14 bn and expects the cyber insurance market to reach a size of around $29 bn by 2027
Safeguarding your digital life: The essential role of personal cyber insurance for individuals and their families. Munich Re’s Survey 2024
Business email compromise (BEC), a sophisticated form of phishing that involves attackers manipulating individuals into unwittingly facilitating fraudulent activities
Global cyber insurance market has undergone significant changes in H1 2024, presenting both challenges and opportunities for retail agents
Gen AI offers opportunities for both cyber attackers and defenders, poised to significantly impact the threat landscape
Risks associated with cyber warfare and systemic events more generally – scenarios where single attacks trigger widespread failures across multiple organisations
Enhanced cyber risk management strengthens an organization’s resilience against ransomware and other financial cyber attacks
Cyber continues to live up to its dynamic reputation. With no sign of the risk landscape abating – as demonstrated by ransomware, geopolitical instability
The UK cyber insurance market has shifted to favor buyers, driven by abundant capacity and fierce competition among insurers, leading to rate decreases
U.S. cyber insurance market experienced its second consecutive year of strong underwriting profits. Cyber coverage remained stable at 44%
Major leaps in the effectiveness of Generative AI and Large Language Models have dominated the discussion around artificial intelligence
Global cyber insurance market has further matured. Cyber risk continues to increase, driven by rapid technological advances such as artificial intelligence
Cyber insurance offerings expansion could pose significant risks to the financial stability of re/insurers if not managed with caution
The non-standardized nature of cyber and E&O policy wording creates the opportunity to mold an individually tailored and responsive risk transfer tool
Improvements in cyber security and business continuity are helping to combat encryption-based ransomware attacks, yet the cyber threat landscape is evolving
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
The cyber insurance market reached a record size last year. Cyberattacks and the volume of compromised digital assets increased simultaneously
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
The realisation of the cyber market’s growth potential is tied to geopolitics and macroeconomics, but also sme penetration, tail-risk management
Cyber insurance dynamics have shifted significantly over the last 12 months. After a period of upheaval – characterised by a rapidly deteriorating loss environment
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
The digital supply chain is invisible. It operates in the background but is essential to the day-to-day functioning of most businesse
Cyber warfare and the attendant risk of systemic losses have long cast a shadow over the cyber insurance market
The cyber warfare in Ukraine, a clash of titans in terms of cyber security, has considerable implications for the cyber threat landscape
