Categories: Technology

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.”

 

Sam Brake Guia

Sam is an energetic and passionate writer/presenter, always looking for the next adventure. In August 2016 he donated all of his possessions to charity, quit his job, and left the UK. Since then he has been on the road travelling through North, Central and South America searching for new adventures and amazing stories.

Recent Posts

AI and the Dopamine Trap: How Algorithms Are Rewiring Our Social Cravings

New research shows AI companions can lift mood and teach social skills, but only when…

2 days ago

Hate speech, deepfakes & false info undermine UN work: comms chief

Hate speech is a launching point for crackdowns on narratives that impede UN agendas: perspective…

2 days ago

Making Sense brings strategic insight to the SIM Hartford Chapter

On June 4, technology executives gathered at the SIM Hartford chapter presided over by Fariba…

4 days ago

‘Digital disinformation undermines trust in climate & health authorities’: WHO Pan European Commission on Climate & Health

The PECCH is an attempt to persuade us into believing that climate & health policies…

6 days ago

WEF ‘Summer Davos’ in China to tackle transhumanism, AI & One Health agendas

The program agenda for the World Economic Forum's (WEF) 16th Annual Meeting of the New…

1 week ago

10 design and architecture writers to put on your radar this year

It’s easy to get caught up in the visuals—perfectly styled rooms, dramatic before-and-afters, bold architectural…

2 weeks ago