A cyber insurance policy, also known as cyber risk insurance or cyber liability insurance coverage (CLIC), is intended to help a company mitigate risk exposure by offsetting recovery costs following a cyber-related breach of security or similar event. Technology, social media and Internet purchases play key roles in how most of today's companies conduct business and attract prospective customers. Such vehicles also act as cyber-attack gateways. Cyber-attacks are likely to occur, whether perpetrated by run-of - the-mill hackers, terrorists, insiders, or even nation states, and can cause moderate to severe losses to large and small enterprises. Organizations frequently have to determine what risks to prevent, accept, control or transfer as part of a risk management strategy.
The number of companies, both large and small, has grown significantly over the past few years, opting to invest seriously in cyber security services
The report states: “The number of companies, both large and small, has grown significantly over the past few years, opting to invest seriously in cyber security services.
Many areas of the cyber industry, however, still need improvement to help businesses be fully prepared for cyber-attacks. This is most apparent when companies experience a cyber-incident and lack clarification as to how any economic or commercial damage resulting from the incident can be recovered.”
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group and Lloyd’s Group of London Ltd.
A sample of the report can be found here.