Addressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide

Cyber risk

Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…

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Cyber insurance claims smash previous North American records

Cyber Insurance - Generic Insurance Claim Form

According to broker Marsh, claims in 2023 bashed through all previous records After receiving more than 1,800 cyber insurance claim reports from US and Canadian clients in 2023, Marsh announced that last year broke all previous records for this type of claim filing. The broker went on to identify driving factors Among the reasons for the rising number of cyber insurance claims, according to Marsh, included that the sophistication of these digital attacks is rising.  Moreover, the MOVEit file transfer supply chain incident’s sheer scale drove up claims.  Privacy claims…

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Black Talon Security Announces Top 10 Tips for Insurance Companies to Prevent Cyberattacks

cyberattack insurance

Black Talon Security, a leading NY-based national cybersecurity firm, has announced its Top 10 tips insurance companies or agencies should follow to keep data secure and protect records. “Preventing the theft of data and protecting business continuity must be a primary focus for owners of insurance organizations of all sizes; 75% of ransomware attacks in particular result in the theft of most or all of the business data,” said Gary Salman, CEO of Black Talon Security. “The average cyberattack will force a company or agency to shut down for two weeks, as well as negatively impact its integrity and reputation. This does…

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