The threat of a cyber attack seems to increase with each passing day. With every new technology and security measure developed, somehow hackers always seem at least a step ahead. On a personal level, it’s scary – the possibility of a stolen identity or a hacked bank account is enough to keep you awake at night. However at the corporate level, there’s even more at stake: national security, the safety and livelihood of customers and employees, etc.
We’ve all seen the headlines: Target, Yahoo!, Equifax, Verizon, and the list goes on. These companies made the news because they are large, global organizations with influence. However, it is not the size or scale of the companies that caused them to fall victim to cyber attacks. Gone are the days when tech firms were the only ones who really have to worry about hackers; the threat is very real for all kinds of organizations.
So as cyber attacks continue to grow in both frequency and impact, we wanted to ask our colleagues in Risk Management about their thoughts on cyber risk and insurance. Further, what does the commercial insurance market look like for cyber coverage? It is extensive? Are companies well protected? Are captives being utilized?
Through our proprietary survey and research, we uncovered some surprising insights on cyber risk and insurance. We can’t give it all away, but we can tell you that the commercial market for cyber insurance is new, imperfect and fluctuating, causing gaps in coverage for most organizations, some of which are questioning the validity of such a purchase. This creates an opportunity for captives in the cyber space, but you’ll have to fill out the form below to learn more.