Cyber risk is a peril that permeates all lines of commercial property and casualty insurance. Given the economy’s increasing reliance on the internet, it’s a peril that will continue to grow and evolve at a rapid pace, and the insurance industry needs to keep up.
So far, the signs are good. Cyber insurance is one of the fastest-growing markets in the insurance industry – but the market is still young. A lot of work needs to be done on the education front. This applies not only to insureds who have to acknowledge the existence of cyber risk, its potential severity and the necessity of preventative action, but also to insurance brokers and agents, who need to learn how to effectively communicate cyber risks and how to use data and analytics tools for benchmarking and to quantify financial exposure.
There’s still quite a lot of friction and complexity in the cyber insurance sales cycle. To shed some light on this and provide more insight into the value of cyber insurance, CyberCube is offering a free…
