Do Insurance company need Insurance? Cyber Insurance…

Everyone is interested in computers, you, me regardless of anything like age or something but we all use it for information. Some may try to get your information secretly without letting you being known. If that happens in case of big companies, bang-bang… But unfortunately, this thing is getting more common day by day. The next world war will be Cyber war as normally said, We don’t want that thou increasing attacks is increasing vulnerability  of your personal information and causing loss of millions of dollars and not less than that.

By Wikipedia, What is Cyber Insurance?

Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.

Denial of Service(Dos) : In computing, a denial-of-service (DoS) attack is an attempt to make a machine or network resource unavailable to its intended users, such as to temporarily or indefinitely interrupt or suspend services of a host connected to the Internet. As per last some news articles in newspapers, in relation with Anonymous and other communities, this is the best method to be used so that there becomes a disconnection to the world.

History and current need can be found in the Wikipedia article in a great way so I ain’t gonna explain you this but

Can we make our way? Student Actuaries?

The best article in case is at PR Newswire as “Cyber Risk Insurance Market Outlook With AIG, ACE Ltd, Chubb Corp., Zurich Insurance Co. Ltd, Marsh and Beazley Group Ltd.“. The press release at PUNE, India provides out a lot of data and amount which the Cyber Insurance related people are going to deal with.

Complete report on cyber risk insurance market spread across 36 pages, talking about 6 major insurance companies and supported with 9 tables and 12 figures is available at http://marketreportsstore.com/insight-report-the-future-of-cyber-risk-insurance/ .

Some crazy figures are here which you might try to “figure-out”  –

The global financial impact of cyber crime to businesses and organizations is estimated to range between US$375 billion to US$575 billion, according to a study by the Center for Strategic and International Studies (CSIS) in 2014.

Another sad news 🙁

Over 150,000 people in Europe and 200,000 in the US lost their jobs due to the financial losses caused by cyber crime, according to CSIS.

and this one is hard to absorb:

Total global losses due to cybercrime stand at US$445 billion according to the CSIS in June 2014.

The report from Times Of India states –

No. 2 US health insurer Anthem ran into difficulties renewing its coverage after an attack early this year that compromised some 79 million customer records, according to testimony from Anthem General Counsel Thomas Zielinski at an August hearing of the National Association of Insurance Commissioners.

In India, I don’t know how many companies provide for the solution but because of drastic increase of attacks , serious steps are necessarily to be taken. I’d definitely try my hand on the field related to cyber insurance.! 🙂

It’s hard to find out perfect articles. A grand thanks to Google and Wikipedia! Let it be worth by sharing it and yep, I just gave you one more field in which most of you “must” be interested, How about my treat by leaving a comment below? 😉