The Source for Cyber Insurance News, Insights and Data
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more
In the third quarter of 2023, global commercial insurance prices continued their upward trajectory, increasing by 3%, mirroring the previous quarter’s data. This insight emerges from the latest Global Insurance Market Index released by Marsh. Notably, this quarter marks the 24th consecutive quarter of pricing escalation. Narrowing in on cyber insurance, a decrease appears. Globally, … Read more
In today’s digital age, cyber threats loom large, affecting businesses and individuals alike. While companies employ multiple layers of security to safeguard their operations, consumers often find themselves with limited recourse when it comes to cyber incidents. Usually, getting assistance only after a data breach or identity theft has occurred. Recognizing this vulnerability, TransUnion (NYSE: … Read more
The global cyber insurance market is expected to grow by $42.81 billion between 2022 and 2027, at a CAGR of 35.92%, according to a new report by Technavio. The market growth is being driven by a number of factors, including the rising incidence of cyberattacks, the increasing awareness of cyber insurance among businesses and individuals, … Read more
To enhance data security and consumer protection, the Federal Trade Commission (FTC) has amended the Safeguards Rule. The agency has extended reporting requirements to non-banking financial institutions. This amendment is effective 180 days after its publication in the Federal Register. It mandates that financial institutions such as mortgage brokers, motor vehicle dealers, and payday lenders … Read more