Cyber insurance is struggling to have the desired impact

Despite cyber insurance growing in popularity in recent years, it’s still failing to have the desired impact as insurers struggle to understand the risks involved. This is according to a new report from defense and security think tank RUSI, which also states that collecting reliable data to inform underwriting has been difficult for insurers. Basing its findings on interviews and …

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How to weather Covid’s perfect storm of insurance fraud – Decisions, decisions, decisions…

The pandemic has hit insurers hard. Despite lower claims volumes due to reduced crime, and fewer cars on the road, the sheer financial and reputational cost of Covid-19 has been enormous for the industry as a whole: since March 2020, Lloyds of London has made a loss due to £6.2 billion in Covid-related payouts. Now the industry needs to ready …

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Rethinking cyber insurance | ITProPortal

The 2021 annual UK Cyber Security Breaches survey showed the risk of cyber breaches over the past year is potentially higher than ever, which should come as no surprise due to the rise of hybrid and home working and its impact on IT security. As a result, there has been a corresponding increase in UK businesses taking out a cybersecurity …

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Shock to the system: How Covid may have changed insurance forever

Black swan events are not unknown to the insurance industry. Whether it’s natural disasters such as the Japanese earthquake in 2011, the Chernobyl disaster in 1986 or pandemics such the SARS virus in 2002. By their nature, these kinds of events can happen at any given moment and without warning or historical precedent. However, for the insurance industry, and for …

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Identity theft insurance: is it right for you?

Choosing a new insurance policy may not seem like the most glamorous way to spend your time, but neither is wasting dozens of hours and potentially thousands of dollars repairing the damage inflicted by identity thieves. As a small business owner, you may believe your company doesn’t deal in the vast sums of money that would make you an attractive …

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Ransomware insurance is becoming more common

Ransomware insurance is becoming more commonplace in the UK as a means of protecting against the financial impact of an attack, but concerns have been raised in some quarters. As per a BBC report, the Association of British Insurers (ABI) has defended the concept, highlighting the value in being able to cover the costs of the ransom payment. However, there …

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