The growing frequency and sophistication of cyberattacks, especially on the ransomware front, have compelled even more companies to seek cyber insurance coverage. But as the need for coverage grows, so do the complexities. Even though we’re seeing a trend in which premiums have flattened, with expectations that this will continue as a market correction occurs, significant challenges remain for companies seeking coverage.
The Pan-American Life Insurance Group (PALIG) provides various insurance plans across the states and beyond. PALIG employs more than 2,100 staff and has a 110-year history of providing insurance to those needing it. Companies and individuals turn to PALIG in their time of need, and PALIG returns the favor by providing high-quality insurance options.
Just like other insurance markets, subjectivities have become a staple of cyber insurance. When a cyber insurance underwriter issues a quote to the broker and insured, there may be additional requirements that must be met before the policy and coverage are activated. The management and resolution of these subjectivities creates friction for all stakeholders involved. It takes longer for insureds to obtain coverage, for underwriters to collect premiums, and for brokers to earn their commission.
As discussed in the previous blog, the insurance sector, like other financial institutions, face various unique cybersecurity challenges. Of primary concern is its responsibility for safeguarding sensitive customer data. This data has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.
Insurance companies, like other financial institutions, face a range of unique cybersecurity challenges and considerations. Responsible for safeguarding treasure troves of sensitive data, the industry has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.
The past half-decade has been a particularly tumultuous one for cybersecurity. It has borne witness to some of the most damaging attacks in history, unprecedentedly high data breach rates, and a staggering number of emerging threat groups. However, a new report from cyber insurance provider Coalition suggests that things are beginning to stabilize.
In a world where technology is intertwined with everything we do, the digital domain is often so commonplace we don’t think about it unless something dreadful happens. Who hasn’t had a stomach-dropping phone call from the bank letting you know that thieves have stolen your credit card number? For better or worse, technology is part of our daily lives. From working remotely to shopping online to managing finances, we’re constantly connected.
Cyber insurers are claiming that cybercriminals made ransomware attacks popular again in 2023 after a slight break in 2022. According to cyber insurer Coalition's 2023 Cyber Claims Report, claims frequency increased by 27% in the first half of this year compared to the second half of 2022. Additionally, cyber insurer Resilience Cyber Insurance Solutions mid-year report showed a similar trend with 16.2% of its total claims were related to ransomware attacks.
