The Source for Cyber Insurance News, Insights and Data
The recent CrowdStrike outage on July 19 had a ripple effect across a wide range of industries, from airlines to the national organ transplant matching system. In our interconnected world, few can escape its impact. Now, Parametrix provides a detailed look at the financial cost. It’s more than just a ripple. They estimate a total … Read more
According to a SkyQuest Technology report, the global cyber insurance market, valued at $12.94 billion in 2022, is poised for exponential growth. Analysts forecast the market to expand from $16.21 billion in 2023 to an astounding $100.62 billion by 2031, driven by a robust compound annual growth rate (CAGR) of 25.70% over the forecast period. … Read more
The energy, oil/gas and utilities sector has the highest level of cyber insurance coverage, with 97% of surveyed organizations reporting policies (most of them standalone.) The lowest adoption of cyber security coverage is found in the “Central/federal government” and IT, tech and telecom sectors. To be sure, even with the lowest penetration, these two sectors … Read more
The Howden 2024 Cyber Report reveals a dynamic and evolving cyber threat landscape. According to NCC Group data, the frequency of ransomware attacks surged by 85% over the past year. This rise follows a dip due to geopolitical disruptions like Russia’s invasion of Ukraine. Ransomware remains the most costly form of cyber attack, driven by … Read more
The cyber insurance market is experiencing unprecedented growth, driven by escalating cyber threats and stringent regulatory requirements. A recent report by Morningstar DBRS, Cyber Insurance Market Growth Driven by Regulatory Changes and Rising Geopolitical Tensions, reveals that the market is poised for significant expansion in the coming years. Cyber insurance, a relatively new product, covers … Read more