The rising threat of cybercrime is challenging insurers to build innovative solutions that will protect their customers and generate new sources of revenue. They can’t overcome this challenge on their own. Cybersecurity partnerships are vital.
The surge in cybercrime is forcing insurers to rethink how they price business risk. But it’s also opening a slew of revenue opportunities for sharp-eyed carriers and brokers.
Companies of all sizes are clamoring for protection against threats such as hacks, viruses, ransomware, data loss and business disruption. Such safeguards are often an essential component of their governance frameworks. Cyber insurance could generate as much as US$50 billion in premium income by 2030.
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