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Cyber Insurance
- 1. K.SATHISH KUMAR REG NO:32717121 MSC(Cyber Forensics & Information Security)
- 2. INSURANCE • Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company • Nearly 85+ types of insurances are available • Some of the examples: General insurance Life insurance Home insurance Cyber insurance
- 3. CYBER INSURANCE • Y2K and 9/11 attacks • The market for cyber-insurance failed to thrive and remained in a niche for unusual demands. If not the first, at least one of the first, cyber liability policies as we now call them was developed for the Lloyd's of London market in 2000. • A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event.
- 5. 1.1 Bn and above(LC) 300mn- 1bn(MSC) 100mn - 299mn(SC) 2.5mn - 99mn(VSC) CYBER INSUSRANCE MARKET
- 6. Steps involved in Cyber insurance
- 7. CYBER LIABILITIES •Data breach •Third party damage •Business interruption •Cyber extortion •Intellectual property
- 8. CYBER INSURANCE COVERAGE •Notifying customers about a data breach •Restoring personal identities of affected customers •Recovering compromised data •Repairing damaged computer systems
- 9. TOP 5 • These are the top companies in cyber insurance around the world • AIG • Chubb • Hiscox • Liberty mutual • Hsb
- 10. CYBER INSURANCE IN INDIA • About 250 companies, including some of the top state-run banks, have bought cyber insurance cover, which is 50% more than what was sold in the past year. • With rising attacks, insurers expect robust future demand for cyber risk insurance in India. • Cyber liability insurance has been around in the international markets for more than a decade. However Indian insurers have started writing this business for only three years now
- 11. CONCLUSION • With cyber insurance premiums expected to grow from around $2 billion in 2015 to an estimated $20 billion or more by 2025, insurers and reinsurers are continuing to refine underwriting requirements