Technology is all around us and every day the connection between daily activities and technological innovation is increasing. The cyber insurance market is set to increase to $7.5 Billion in the next five years as consumers become more aware of their exposure to cyber crime. Unfortunately the infrastructure to support a market that big is not really available. Assessing cyber security can be difficult and insurance professionals lack an understanding of the market to make cyber insurance products effective.
Cyber exposures are hard to predict since a criminal can literally come from anywhere in the world. Even some of the largest organizations with the best security protocols experience breaches. Ultimately consumers should look internally to their risk management practices before they expect insurance to indemnify them for a loss. It will take time and loss experience before the insurance market can full understand the true exposure of cyber.
What do you think?
The Base Team
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