“personal Cybersecurity Insurance: Safeguarding Data In Europe” – PwC carried out research for the UK Department for Business, Innovation and Skills and according to PwC, the worst affected small businesses have an average value of between £65,000,000 and £115,000,000; damages for larger companies ranged from £600,000 to £1.15 million. Although this study was conducted in the UK, the economic loss is expected to be local.

Financial damage to a company can range from business interruption in the case of an overload attack, lawsuits over data leaks, or more serious theft of competitor data in the case of a direct access attack.

“personal Cybersecurity Insurance: Safeguarding Data In Europe”

An MNC may have the financial means to strengthen its IT teams and security systems, but an SME may not. Cybercriminals have taken advantage of this opportunity to see SMEs as a softer target and a route to larger business partners. According to Stephen Ridley, businesses can take a few simple steps to reduce their cyber risk. It recommends using strong passwords such as three random words, installing antivirus and anti-malware software on all devices, regularly updating software with important security updates and educating employees about cyber risks.

Cyber Liability Insurance Cost

Since we protect against the attack of viruses, we can make all vaccine equipment and virus effects. You may consider one

Reduce financial losses in the event of a cyber security breach. There are such plans on the market and they usually include:

To share the damage experience, a company with a turnover of SGD 2 million and 8 employees locked its server and customer account with Ransomware software. The company had to pay the hackers S$50,000 to get those files back.

Rebuilding the network required S$150,000 in lost revenue, including consultancy fees and expenses, as the hacker refused to release the files after receiving payment from the payer. The premium paid by the company was about S$3,000 per year.

Google Cloud, Microsoft And Aws Dive Into Cyber Insurance

You can ask Mohd. Faizal, attend the Cyber ​​​​Security and Risk Management workshop to learn more about your company’s cyber security risks.

Please note that this cyber insurance is primarily for SMEs and if you have a business of this size, another cyber insurance package may be more suitable. The report provides global cybersecurity and insurance industry analysis and is segmented by organization size (small and medium enterprises [SMEs] and large enterprises), end-user industry (healthcare, retail, BFSI, IT and telecom). and manufacturing) and geography.

The market size of Cyber​​​​Security Insurance is expected to grow from USD 14.18 billion in 2023 to USD 32.52 billion in 2028 at a CAGR of 18.06% during the forecast period (2023-2028).

Digitization and rapid growth in the cloud, big data, Internet of Things and artificial intelligence (AI) in business and society, as well as the increasing connectivity of everything, have added to the workload of already strained IT teams.

The Importance Of Data Ethics In Insurance

Cyber ​​security insurance is insurance that an individual or organization can purchase to reduce the financial risk associated with an online business. An insurance policy transfers certain risks to the insurer in exchange for monthly or quarterly payments. Many businesses purchase cyber security insurance to cover the additional costs that may arise from physical destruction or theft of digital assets. Such costs typically include the cost of notifying customers of a security breach, as well as the cost of regulatory penalties.

Cyber ​​Security Insurance Market by Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), Locations by End-User Industry (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing) and Geography (North America, Europe, Asia Pacific, Rest of World).

Market sizes and forecasts are presented by value (in billions of dollars) for all the above segments.

The cybersecurity insurance market is moderately integrated, with key players offering the best technology and driving growth through existing distribution channels. These technology leaders invest in innovation, mergers, acquisitions and collaborations to maintain their competitive edge in the market.

What Is Digital Risk Protection?

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The Cyber​​​​Security Insurance market size is expected to reach USD 14.18 billion in 2023 and reach USD 32.52 billion in 2028, growing at a CAGR of 18.06%.

Major companies operating in the cybersecurity insurance market include American International Group Inc., Zurich Insurance Corporation, Chubb Corporation, Aon PLC, and Lockton Companies Inc.


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