Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. “I dream of a …
Sixty-one percent of firms surveyed for insurer Hiscox had a cyber attack in the past year, compared to 45% in 2018. Meanwhile, the median cost for cyber incidents losses soared from $229,000 to $369,000. While those numbers are of concern, …
The property/casualty insurance industry must change its approach to cyber security and update its coverage approach to help minimize risks, according to a network security expert. “I don’t think we can easily separate cyber risk and property/casualty risk anymore,” FireEye …
