C R Toogood & Co Ltd’s Post

In an era where ransomware and phishing attacks are more common than ever, cyber insurance has become crucial for large and small firms alike. Q&A with Joshua J. Parrish, Executive Vice President at RT Specialty #cyber #risk #insurance #ransomware https://lnkd.in/eU5wFSjg

Are You Cyber Insurable? Lessons Learned From Cyber Insurers Fighting Ransomware Here's a short glimpse into what Julien will cover on the topic: "Lately, in the insurance industry, you could hear the following joke: “over the past 15 years, cyber insurance has shifted from a product that you can’t sell to a product that you can’t buy”. In mid-2020 the posture of cyber insurance markets has dramatically changed. The evolution of the cyber threat landscape in general and specifically of the ransomware economy has led to a situation unheard of in the insurance industry, where most clients struggled to obtain or renew a cyber insurance policy. Moreover, many organizations were made aware of this new reality in a painful way - when their policy was either refused, not renewed, or came with unexpected requirements. We propose to return to the genesis of this situation, explain what cybersecurity controls insurers are looking for and why, and invite you to conduct a self-assessment of where your organization stands with regards to the expectations of insurance markets." #MMISAC #cyberresilience #cyberinsurance #miningindustry #miningtechnology

Cyber #insurance coverage can raise security baselines in businesses. Presently, only about one-third of businesses have cyber insurance as a standalone policy. For those who do, most of the coverage includes first-party costs such as breach notifications and credit monitoring for victims. The Insurance Information Institute notes there is industry-wide confusion about what cyber risk is, thereby making underwriting it complex. Correctly pricing for cyber risk also remains problematic due to lack of adequate data. Thoughts and Opinions are my own and don't represent Comcast. #iworkforcomcast #comcastbusiness #cybersecurity #cyberinsurance https://lnkd.in/gazVV6gQ

Join the conversation on cyber insurance as we expand our capacity to address growing threats in the market. 💼💻 Stay protected - learn more today. #CyberInsurance #RiskManagement #BusinessSecurity #b4einsurtech #inclusiveinsurance #innovation #digitalinsurance #cyberinsurance https://wix.to/bTIYEYA

Cyber Insurance Market Boom: Poised to Reach $68.35 Billion by 2032 Driven by Rising Cyber Threats – Report The cyber insurance market is set to expand significantly, reaching a projected value of USD 68.35 billion by 2032, up from USD 8.2 billion in 2022. This forecast comes from Market Research Future® (MRFR), which anticipates a compound annual growth rate (CAGR) of 26.57% between 2023 and 2032. An increase in cyber threats linked to the extensive online presence of a global population largely drives the growth. Read it: https://lnkd.in/em_8sGpv Watch it: https://lnkd.in/e6_fB6An #cyberinsurance #cybersecurity #cyberliabilityinsurance

Cyber insurance is one of the fastest growing lines of business for insurers, providing critical protection in the event of a #cyberattack or #databreach. Mazars’ Marc Bohlhoff details how insurance can mitigate risks of cyber attacks in our latest article. Read more: http://maza.rs/60449Ck5K #CybersecurityAwarenessMonth

Protect your business from #CyberThreats. The growth of cyber security threats is reshaping industries. It is important to ensure your business is protected with cyber insurance protection. For more information contact us today. #cyber #cyberrisk #liability #insurance #fpm2024 #Navacord

Cyber insurance is one of the fastest growing lines of business for insurers, providing critical protection in the event of a #cyberattack or #databreach. Mazars’ Marc Bohlhoff details how insurance can mitigate risks of cyber attacks in our latest article. Read more: http://maza.rs/6047iGeRX #CybersecurityAwarenessMonth

The global cyber insurance market is projected to be worth $90.6bn by the year 2033, highlighting just how crucial it is for businesses in the future. Many businesses are unaware of just how costly cyber-attacks can be. SMEs are some of the large targets of cyber attacks, with 43% of small businesses suffering one in 2023. The best time to protect your business in the future is with a cyber insurance policy today: https://bit.ly/3o4kvwq #Scrivens #OttawaInsurance #OntarioInsurance #CyberThreats #CyberAttack #CyberInsurance ⠀

Aviva's research found that one in five UK businesses experienced a cyber-attack in the past year, but only 17% of small businesses have cyber insurance. The survey of over 1,200 businesses shows they are 67% more likely to face a cyber incident than a physical theft. 💰 Alarmingly, only 36% of businesses surveyed have any form of cyber coverage, with mid-sized businesses leading at 51%, followed by large corporates at 45%. The findings highlight a significant gap in cyber insurance adoption among businesses. . . #CyberInsuranceUK #CyberInsurance #CyberCover #InsuranceClaim #DataProtection