Tokio Marine is staying ahead of the game when it comes to cyber insurance, adapting its coverage to keep pace with the evolving cyber landscape.
The company recognizes the growing threat of cyber attacks and is taking proactive steps to protect its customers.
Tokio Marine's cyber insurance policies now include coverage for ransomware attacks, which are a major concern for businesses today.
The company's experts are working closely with customers to identify vulnerabilities and provide tailored solutions to mitigate risks.
Broaden your view: Tokio Marine Motorcycle Insurance
Industry Trends
The cyber insurance industry is taking steps to bolster cyber resilience, with Tokio Marine Kiln's Head of Cyber & Enterprise Risk, Laila Khudairi, actively participating in industry discussions.
Panel discussions like the one on 'FT Live' at the 2024 Financial Times Global Insurance Summit are helping to bring attention to the renewed threats in the cyber insurance space.
Experts like Khudairi are working to address these threats and find effective solutions to protect against them.
Industry Response to Renewed Threats
The cyber insurance industry is taking a proactive approach to bolstering cyber resilience in the face of renewed threats. Tokio Marine Kiln's Head of Cyber & Enterprise Risk, Laila Khudairi, participated in a panel discussion to share insights on the industry's response.
The threat of cyber-attacks is increasing exponentially as the world digitises at pace. This is a concerning trend that the industry is working to address.
Industry leaders like Laila Khudairi are playing a crucial role in shaping the industry's response to cyber threats. Her participation in the panel discussion highlights the importance of collaboration and knowledge-sharing in this space.
The threat of cyber-attacks is a pressing concern that requires immediate attention.
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US Cyber Insurance Market Enters Soft Phase
The US cyber insurance market is now in a soft phase, with premium rates dropping below zero in 2024, marking a pivotal transformation from the hard market at the start of the decade.
Curious to learn more? Check out: Cyber Insurance Hard Market
During the hard market, premiums drove growth in the overall market, with policy count increases remaining moderate, growing by 10% between 2020 and 2023, and premiums growing by over 142% during the same period.
The soft market has led to stagnation in market growth, with overall market growth declining to just 1.6% in 2023.
Extortion activity has seen a considerable rise, with threat actor groups turning to more aggressive tactics and high-value targets.
Leak sites, a strong indicator of activity levels, showed a sizeable uptick in leak site victims, reaching 4,496 in 2023, up from 2,670 the year prior.
Malicious attackers remain the primary cause of data breaches, with only a quarter of incidents stemming from system failure or human error in 2023.
The time to resolve extortion claims has increased due to double-extortion attacks, which have become the norm.
To succeed in this new market, the cyber insurance industry must balance profitability with robust risk management, adapt to regulatory changes, and create a greater cybersecurity investment.
Worth a look: Cyber Insurance Growth
Frequently Asked Questions
What is covered under a cyber insurance policy?
A cyber insurance policy covers financial losses and remediation costs resulting from a cyberattack or data breach, including investigation, crisis communication, legal services, and customer refunds. This protection helps organizations recover from cyber incidents and minimize their financial impact.
Is cyber insurance worth it?
Having cyber insurance can protect your organization from significant financial losses, reputational damage, and regulatory fines. It's a crucial investment to safeguard your business against the growing risks of cyber threats
What is the best cyber insurance?
There is no single "best" cyber insurance, as top options include AXA XL, Chubb, and Zurich, each offering unique coverage and collaboration with leading security companies. Consider your specific needs to choose the most suitable cyber insurance provider for your protection.
Sources
- https://www.tmhcc.com/en/products/cyber
- https://www.tmkiln.com/our-products/cyber/
- https://www.tmhcc.com/en-us/products/cyber-and-tech
- https://www.tmhcc.com/en-us/products/turnkey-reinsurance-and-programs/cyber-liability
- https://www.reinsurancene.ws/us-cyber-insurance-market-enters-into-soft-phase-tokio-marine-hcc/
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