What Scares Insurers Most: Cyber Hurricane or Silent Cyber?
Jun 7, 2018
Insurers in the cyber insurance segment have enjoyed exponential growth in the market over the last 10 years, and that is expected to continue as the world becomes even more connected via the internet. But while the growth in business is welcome, the exposure the industry itself faces to losses in the event of a large data breach, or even worse — a so-called “cyber hurricane” — is something industry experts say cannot be ignored.
The term “cyber hurricane” describes the takedown of the entire U.S. economy’s cloud network, according to Scott Stransky, assistant vice president and principal scientist for AIR Worldwide.