The cyber risk insurance industry is rapidly developing, with a staggering worldwide gross written premiums rising from 850 million dollars in 2012 to about 2.5 billion dollars in 2014. The market is growing fast due to the increasing number of cyber-attacks and the intensifying technological dependence of companies upon operational competencies and data storage. Amidst this rising demand, however, insurance firms are still struggling to define policies. A number of imperfections in the market are still not being addressed and this may lead to a sub-optimal outcome. As of June 2014, the total global cybercrime losses was 445 billion dollars. The governments’ heightened involvement in cyber threats could mean that compulsory cyber risk insurance is in the horizon and this would definitely transform the insurance market to a robust revenue source. Both businesses and the insurance industry should respond now to be able to manage the big shift.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders will help businesses and insurers understand the important aspects of this significant topic. They will provide an in-depth discussion of the Cyber-Insurance market trends as well as factors to consider in selecting the best cyber insurance coverage.
Key topics include:
- Cyber Insurance – Current Market Trends
- Challenges in Defining Policies
- Factors for Considerations in Selecting a Policy
- The Future of Cyber Insurance Market
- Regulatory Forecasts
