I think this The Wall Street Journal article on #cyber #insurance nicely vindicates the benefits of using Axio 360 scenario-based cyber risk engineering including interesting insights from Kimberly Denbow, VP Security & Operations American Gas Association citing many insurers have become more selective in the clients that they take on where the number of insurance providers willing to write cyber insurance policies has been limited - Terms can differ so wildly between insurers that it is often hard for operators to understand what a policy actually cover - but it doesn't need to be this way: Axio brings greater transparency on risk profiling, if you're 'top right', no need to get lumped into 'bottom left' of the 2x2 box and no need to get stuck with cyber balance sheet protection. We help you: ❶ Determine scenarios ❷ Assess Cyber Risk Posture ❸ Quantify Cyber loss expectancy & economic loss reduction ❹ Stress test the Cyber Insurance policy for efficacy - will it perform as expected?🧐 ❺ Access the most efficient balance sheet protection capital www.axio.com #gas #naturalgas #cyberriskengineering #cyberriskquantification https://lnkd.in/eRQwzQg8
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According to the recent "Cyber Insurance Survey 2024" conducted by Intelligent Insurer and featured in FinTech Global a significant 80% of insurance professionals expect increased #CyberRisks 🚨 Additionally, 57% predict stricter #underwriting standards within the next year. ✋ With stricter #underwriting on the horizon, it’s crucial for #insurers to effectively assess and control cyber risk of their portfolio. Coinnect delivers cutting-edge tools for robust #RiskAssessment and #Mitigation 📊 Are you ready to upgrade your #CyberInsurance strategy with us? #Coinnect #CyberInsurtech
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The global cyber insurance market could hit $23 Billion in the next two years if the market can manage underwriting cycles. The cyber market had solid underwriting profitability in 2023 and 2024, so even though it is currently navigating a soft market, it is still benefiting from the 2021 and 2022 hard market. Insurers should continue encouraging improved cybersecurity posture, focusing on clear policy wording, and managing exposure. North America accounts for half of the global premiums right now, but this is predicted to shift. Much of the growth is predicted to come from the Asia-Pacific and Latin America regions. Full article linked in the comments below. #cyberinsurance #cyberrisk #riskmanagement
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𝗡𝗲𝘄 𝗿𝗲𝗽𝗼𝗿𝘁: 𝗧𝗵𝗲 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀 According to Market.us the global cyber insurance market looks set to be worth $90.6 billion by 2033, an impressive CAGR of 22.3%. Get your copy today: https://bit.ly/4bsgUzN AdvantageGo #CyberInsurance #RiskManagement #reinsurance #insurance #insurtech
𝗡𝗲𝘄 𝗿𝗲𝗽𝗼𝗿𝘁: 𝗧𝗵𝗲 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀 According to Market.us the global cyber insurance market looks set to be worth $90.6 billion by 2033, an impressive CAGR of 22.3%. However, the landscape is fraught with challenges. Cyberattacks are becoming more sophisticated, targeting organisations of all sizes – according to Forbes cybercrime figures are slated to reach $9.2 trillion in 2024. This underscores the need for cyber underwriters to have a deep understanding of their risk portfolios and market pricing. Our latest report, 𝗧𝗵𝗲 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀, delves into the opportunity the growing cyber insurance market offers and tools that complement the cyber underwriter. Get your copy today: https://bit.ly/4bsgUzN #CyberInsurance #RiskManagement #reinsurance #insurance #insurtech
Download AdvantageGo Cyber Report 2024
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Howden has estimated insurance industry losses from the 19 July CrowdStrike global IT outage could reach US$1bn — triple the previous record set by the 2017 NotPetya malware outbreak. Nonetheless, the cyber insurance market is well-positioned to absorb the loss. Thanks to a CAGR of 23% from 2014 to 2023, the loss estimate would represent around 7% of the segment's estimated global gross written premiums (GWP) in 2024. The market is expected to achieve a sub-100 per cent combined ratio this year. The event shows the importance of cyber insurance in providing not just indemnity for losses but also crucial incident response services. It underscores the need for tailored protection against IT failures and highlights the role cyber insurance can play, particularly in supporting small and medium-sized enterprises (SMEs) that may lack the resources to recover quickly from such crises. #Insurance #CrowdStrike #Cyber
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𝗡𝗲𝘄 𝗿𝗲𝗽𝗼𝗿𝘁: 𝗧𝗵𝗲 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀 According to Market.us the global cyber insurance market looks set to be worth $90.6 billion by 2033, an impressive CAGR of 22.3%. However, the landscape is fraught with challenges. Cyberattacks are becoming more sophisticated, targeting organisations of all sizes – according to Forbes cybercrime figures are slated to reach $9.2 trillion in 2024. This underscores the need for cyber underwriters to have a deep understanding of their risk portfolios and market pricing. Our latest report, 𝗧𝗵𝗲 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀, delves into the opportunity the growing cyber insurance market offers and tools that complement the cyber underwriter. Get your copy today: https://bit.ly/4bsgUzN #CyberInsurance #RiskManagement #reinsurance #insurance #insurtech
Download AdvantageGo Cyber Report 2024
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The cyber insurance landscape is constantly evolving, and responsible insurers are staying ahead of the curve. Check out the recent article featuring Munich Re Specialty’s James Brogan to learn about fostering a sustainable cyber market 👉 https://ow.ly/3Ios50Sq4fY 🤖 “Underwriting has to become more dynamic to appropriately assess the exposures associated with the use of artificial intelligence.” – James Brogan, VP, Regional Underwriting Manager #MunichReSpecialty #CyberInsurance #RiskMitigation
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The cyber insurance landscape is constantly evolving, and responsible insurers are staying ahead of the curve. Check out the recent article featuring Munich Re Specialty’s James Brogan to learn about fostering a sustainable cyber market 👉 https://ow.ly/kjNU50S8Nb4 🤖 “Underwriting has to become more dynamic to appropriately assess the exposures associated with the use of artificial intelligence.” – James Brogan, VP, Regional Underwriting Manager #MunichReSpecialty #CyberInsurance #RiskMitigation
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Read why Morningstar DBRS expects the cyber #insurance market to remain the fastest-growing insurance business line for the rest of the decade: https://lnkd.in/eJt6XDSc Highlights: -- Regulatory requirements to improve cyber defenses and protect sensitive personal data are increasing the potential costs associated with cyber-attacks, prompting additional demand of cyber insurance products -- Cyber insurance demand is also being fueled by rising geopolitical tensions and the proliferation of state-proxy attacks that can be misidentified as common criminal activity and covered under existing policies #FinancialInstitutions
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Cyber insurance is a newer area where coverage options can vary greatly, so understanding context is critical for brokers to make informed recommendations to clients. “The marketplace needs new premium, and the only way to get there is to do a better job of educating brokers,” Zywave SVP Jeff Cohen explains in this piece from The Insurer's cyber risk outlet. Read on: https://ow.ly/n2Nl50UcQ38 #Zywave #InsuringGrowth #TheInsurer #CyberRisk #BrokerEducation #Insurtech
Zywave’s Cohen: Better broker education will drive cyber premium growth | Cyber Risk Insurer
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Read why Morningstar DBRS expects the cyber #insurance market to remain the fastest-growing insurance business line for the rest of the decade: https://lnkd.in/eJt6XDSc Highlights: -- Regulatory requirements to improve cyber defenses and protect sensitive personal data are increasing the potential costs associated with cyber-attacks, prompting additional demand of cyber insurance products -- Cyber insurance demand is also being fueled by rising geopolitical tensions and the proliferation of state-proxy attacks that can be misidentified as common criminal activity and covered under existing policies #FinancialInstitutions
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