Cyber Insurance Academy is Advisen’s 2021 Cyber Risk Newcomer
We are honored to announce that Cyber Insurance Academy received the 2021 Cyber Risk Newcomer Award at Advisen’s 8th Annual Cyber Risk Awards on June 17, 2021.
140 articles
We are honored to announce that Cyber Insurance Academy received the 2021 Cyber Risk Newcomer Award at Advisen’s 8th Annual Cyber Risk Awards on June 17, 2021.
Check out this interview with Raul Perez, a graduate of the Cyber Insurance Academy and an insurance pro. In this interview, he speaks about our methodology and why it's unique as well as our amazing network of staff and alumni.
On Tuesday morning, the 8th of June, dozens of countries across the Americas, Europe, Asia, etc. experienced an internet outage that rendered major websites like Amazon, Reddit, The Guardian, and even the UK’s government website, gov.uk, inaccessible. Many were surprised to see an error message on their screens after they attempted to view these popular sites. The outage lasted for an hour which caused many to think if a cyberattack was involved.
The insurance industry has reached a crossroads. On one hand, with over 30% compound annual growth for cyber premiums over the last five years, cyber insurance has become the fastest-growing insurance market. On the other hand, the vast majority of insurance professionals lack sufficient cyber training and fluency in the "technical language" it demands to effectively work with this complex insurance product.
Cyber Insurance is a relatively young product. It was born in the late 90's but matured only few years ago. In the last few years this product has managed to become the fastest growing product in the insurance industry to date (37% growth YOY).
Today, most insurance companies are offering specialized cyber insurance products, and many of them are beginning to include cyber insurance coverages across other lines of insurance, such as marine and general liability insurance.
Stand-alone cyber insurance policies have become common among businesses. These policies cover a variety of liabilities related to cyber risks, from data theft, data privacy, ransomware, service disruptions, and much more.
The cyber insurance market is going through uncertain times that require serious retrospection, which may result in price rises and hardening of insurance conditions. In this article, we will examine the shifts that took place in this market and how insurance companies and their clients are coping with this change.