Cyber insurance market to exceed $20bn value by 2025, report finds

Cyber insurance market to exceed $20bn value by 2025, report finds

A report by GlobalData has found the cyber insurance industry is predicted to exceed a $20bn gross written premium (GWP) value by 2025.

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Does Your Company Need Cyber Insurance to Address Breach Risk?

Car insurance, health insurance, life insurance — what about cyber insurance? Listen as Sherri Davidoff, author of Data Breaches: Crisis and Opportunity, shares her take on cyber insurance and why companies need it.

Businesses are reluctantly beginning to agree that no organization is immune to security incidents. As such, investment in cyber insurance policies has grown — almost 50% of companies have policies, compared to 34% two years ago.

Davidoff urges organizations to get educated about their cyber insurance policy, what it covers, and what it protects against. Some policies might cover information security liabilities, but not network interruption or cyber extortion. Unlike car insurance, which only addresses the aftermath of an accident, cyber insurance can actually lessen the impact of a security event — like if car insurance was able to go back in time and make your car swerve out of the way.

What are some challenges of cyber insurance? Let us know in the comments, and please hit the like button.

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Phishing for Cyber Insurance

Don’t have Cyber Insurance? Evolve just created a video illustrating how your business could be… “sleeping with the phishes.”

In 2019, Ransomware is “scaling up” to cost US businesses $20+ billion dollars, affecting a new business every 11 seconds. These attacks prey on human curiosity and are so successful, one could say it’s like “shooting phish in a barrel.”

How? Hackers (aka the “phisherman”) “bait” your employees (aka the “phish”) into downloading Ransomware via “phishing” emails. Once clicked, the affected business’ operations come to a screeching halt, as data is locked up with the ominous threat of being destroyed, unless a cryptocurrency ransom payment is received.

Cyber Insurance covers the major costs associated with Ransomware and it provides immediate access to the best forensic experts in the world.

With bigger “phish to fry,” don’t be a “phish out of water” and fall “hook, line & sinker” for the next Ransomware attack. Instead, avoid being another “phish in the sea” and “school” the hackers with a cyber insurance policy!

cyber insurance

Cyber insurance is one option that can help protect your business against losses resulting from a cyber attack. If you’re thinking about cyber insurance, discuss with your insurance agent what policy would best fit your company’s needs, including whether you should go with first-party coverage, third-party coverage, or both.