Current developments in the cyber insurance market
The threat of cyberattacks continues to increase. The "cyber-crime" business model continues to evolve from year to year. The often hasty digitization of companies during the Corona pandemic led to a sharp increase in the number of claims over the last 20 months. In very few cases, however, the public learns about the extent of the attacks.
Not only the affected companies, but also many insurers suffer from the hacker attacks. The claims burden on insurers is rising steadily. According to a recent IBM study, the average damage of a so-called "ransomware" attack is around 4.6 million US dollars.
In order to gain a better overview and estimate the costs, many insurers are currently resorting to drastic measures. M ...