Cyber insurance is gaining popularity: Swiss Re

Day by day cyber information theft is increasing and people are showing interest in cyber insurance to secure their business Swiss Re emphasizes. In the Sigma report titled “Cyber: Getting to grips with a complex risk,” Swiss Re said, “the costs of a cyber breach can escalate well beyond managing the fallout of lost or corrupted data.” “Firms must now factor in the potential damage to their reputation — physical and intellectual property — and also disruption to business operations. The increasing scope and magnitude of potential costs associated with cyber incidents reflect the ever-evolving cyber risk landscape,” Swiss Re said. Three factors that make things rocky are speed of digital transformation, sophistication of hackers’ alertness and spread of hyper-connectivity it said. “Product and process innovation and also advanced analytics will help foster improved cyber insurance solutions and extend both the boundaries of inseparability and reach of cover”, said an official of Swiss Re. Nevertheless, some cyber risks, especially related to extreme catastrophic loss events, might be uninstallable, Swiss Re said.