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Insurance for cyber security is intended to protect against damages resulting from a variety of cyber-related events, including business interruption, data breaches, and damage to networks.
Successful cyber-attacks can be reduced with the help of robust cybersecurity insurance through (1) Encouragement for taking preventive measures to get more coverage. (2) Promoting the use of best practices through basing the cost of insurance on the insured's self-protection level.
Many businesses opt out of policies, and they cite as reasons the costs associated with those policies, confusion over the coverage they provide, and the possibility that their businesses will be impacted by an attack from cyber. In recent times there has been a shift in the Cybersecurity and Infrastructure Security Agency (CISA) has been working with the key players in this new cyber threat.
The Global Cybersecurity Insurance Market Size Was Worth US$ 7.36 billion in 2020, and It Is Estimated to Reach a Valuation of US$ 27.83 billion by the end of 2026, Expanding at an Annual Rate of About 24.30% between 2021 and 2026
Due to the explosion of data, the healthcare industry is growing into a major player in the global market for cybersecurity insurance. Digitalization has dramatically raised the volume and speed of data production. Around 80% of the data produced from the industry of healthcare is predicted to be stored in the cloud in 2020, according to HIPAA. Security is becoming a significant concern.
The value of personal data is high and can be used by cybercriminals to commit a crime. Personal data is being offered on the dark internet at as little as $5 for a credit card number, USD 30 for the entire identity, and up to $1,000 for health and medical records. It's one of the circumstances that has led to an increase in demand for cybersecurity.
The health industry, all over the globe, is seeing numerous data breaches because health-related information is rapidly moving to electronic records. This has led to an increase in medical and electronic health records that require robust security measures. According to HIPAA list, the top 3 security breaches in the healthcare industry within the United States witnessed a combined loss of more than 5.2 million patient records, which includes organizations such as Unity Popint Health, the Employees retirement system of Texas, and Accudoc Solutions.
In light of these issues in mind, there has been a rise in the amount of healthcare-related cyber laws and research studies in recent years. Recently a survey has been done on cybersecurity challenges in the hospital environment. This survey was performed on 300 physicians and 100 hospital administrators by Abbott and The Chertoff Group, a security and risk management advisory group.
In one of the Telehealth surveys, 69% of patients indicated that they prefer to receive medical attention without going to the hospital. The market for telemedicine is expected to expand at a steady rate, as increasing numbers of insurance companies are offering coverage for these appointments.
Final Take Away:
The regulatory bodies of the government and law enforcement agencies across the globe have taken a variety of initiatives to improve data security and protection. Since the introduction of COVID-19, the need for a cybersecurity-related insurance policy has been recognized by brokers, policyholders, insurance companies, agents, and insurers.
AI as well as blockchain technology are two of the most recent technologies in the market, which are predicted to provide new features to the risk analysis solutions and provide new avenues for growth. The integration of these technologies into risk analytics solutions will help solve some of the major issues and problems that cybersecurity insurance companies face.
The advancement of technology allows faster settlements and transactions and helps banks and their clients make transactions faster and more efficiently without imposing intermediary fees. Risk analytics software plays an important role in the analysis of the claims process, managing reserves, and ensuring that policy coverage will be provided.
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