The ongoing pandemic has accelerated digitalization across industries. Organizations that were not looking at digital-first models are now forced to consider them, as it is now a matter of survival. Yet, with rapid digitalization comes the increased risk of cyber threats and the need for adequate insurance coverage. Cyber insurance is a major opportunity for the global insurance industry, given the need for higher capacity to meet the increased demand. For example, revenue from cyber insurance is expected to reach $70 billion by 2030.[1]While it is a big opportunity, cyber risk is highly dynamic, borderless, and systemic in nature and sophistication compared with other widely covered risks. This would mean significant accumulation of liabilities for insurers given the frequency and impact of attacks. Further, the threat actors are evolving and adapting rapidly as evidenced by a 667% increase in phishing attacks in February and March 2020.[2] To read this article in full, please click here
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