Cyber Insurance. The Next Frontier
Cyber risk has emerged as one of the top challenges faced by companies worldwide. Over recent years, a string of high-profile data breaches have populated news headlines across the globe. For businesses, being attacked is no longer a matter of ‘if’ but ‘when’.
The issue of cyber risk has extended beyond the realms of IT and has become a strategic business issue with company boards and C-level executives becoming actively involved in cyber risk management decisions.
This increased awareness of cyber risk has generated increased interest in cyber insurance as a mechanism for risk transfer. Once people and businesses genuinely understand the scope and severity of the threat they are exposed to, the demand for cyber insurance is likely to accelerate rapidly. In fact, it is likely to grow much faster than other insurance products.
Some commentators however, have raised concerns that insurers potentially face an aggregated risk from catastrophic cyber attacks that have a systemic impact.
Download our whitepaper Cyber Insurance. The Next Frontier to discover how you can develop a strategy around cyber insurance to capitalise on this new revenue stream by gaining a better understanding of the cyber risk landscape and finding a balance between providing cyber policies that address your client’s needs, and an acceptable level of exposure to your cyber insurance portfolio.
Empowered consumers, innovative competitors and new technologies are bringing massive changes to the insurance industry. Instead of selling the same old indemnification products through a network of traditional agents, insurers must now create an entirely new set of products that inspire customer demand by anticipating and holistically addressing real customer needs and wants.
CSC has served the global insurance industry for more than 45 years, with expertise in all sectors: life insurance, pensions, annuities, health insurance, property and casualty (P&C) or general insurance, reinsurance and workers’ compensation. CSC’s customer community includes more than 1,500 insurers around the globe.
We are ready to help you realise the potential of new opportunities created by change — competitive advantage, efficiency gains, customer satisfaction and business growth. Now is the time to act, adopting agile new operating models to prepare for whatever the future holds.
Contact us to find out more.