Cyber security insurance in today’s dangerous online world
Cyber attacks are prevalent around the world which no business can hide from. However, dangers and threats have existed in numerous forms since the dawn of time. Whether it is theft, damage to our homes or even death, we have always faced perils in one way or another. To counter this, the multibillion-dollar industry of insurance was born.
So why should cybersecurity be any different? For many businesses, it is not even a question, because it isn’t, and in recent years interests surrounding the cybersecurity industry has risen dramatically. By 2023 this market is forecast to grow to almost $17 billion, according to P&S Market Research.
Just like any insurance, it is possible that customer behavior could impact and positively improve cybersecurity. This would be great news for responsible companies that practice sensible behavior online. Incentives in the form of premium discounts could help to improve security, reduce incidents, and overall reduce what carriers must pay out. It’s the win-win concept at the heart of good insurance — reducing risk is good for everyone.
In addition to this, forward-thinking companies such as CyberCube and Chubb already know the benefits of the intelligent use of cybersecurity. CyberCube, a leading provider of cyber risk analytics for the insurance industry, today announced that Chubb, the world’s largest publicly traded property and casualty insurance company and a leader in cyber risk underwriting, has signed an agreement for use of CyberCube’s analytics to supplement the insurer’s ability to quantify and better understand systemic risks across its commercial cyber portfolio.
“Cyber is one of the most complex risks facing insurers in the 21st century,” said Pascal Millaire, CEO of CyberCube. “Data-driven tools can be extremely valuable when it comes to managing cyber aggregation. We are pleased to support Chubb, a recognized leader in the cyber insurance space, by providing them with additional insights into the systematic risks and other cyber-related exposures within their cyber portfolio.”