Leading U.S. cyber insurers 2021, by direct cyber security premiums written
In 2021, the largest provider of cyber security insurance in the United States was Chubb Ltd. The Swiss property and casualty insurer wrote a total of 473 U.S. dollars in cyber security premiums in 2021.
Cyber security insurance
Cyber security insurance protects policy holders against risks associated with IT infrastructure and activities. The main causes of IT risks are physical loss or damage (for example from natural disasters), misuse by employees, and unauthorized access by third parties (generally through the internet). Each of these problems can generate costs from business interruption, replacement of IT infrastructure, and/or payment of compensation to victims. Computer crimes such as hacking, malware and viruses were the greatest source of cyber-security losses in the United States from 2013 to 2019, accounting for nearly half of all claims made.
The global cyber security insurance market
This market emerged in recent years and its development is a consequence of increasing reliance on digital solutions for data storage. It is predicted that the global cyber insurance market will exceed 27 billion U.S. dollars by 2027. The cost of a data breach varies by industry. For instance, a data breach in the healthcare sector cost twice as much as a data breach in the education sector in 2021.
Cyber security insurance
Cyber security insurance protects policy holders against risks associated with IT infrastructure and activities. The main causes of IT risks are physical loss or damage (for example from natural disasters), misuse by employees, and unauthorized access by third parties (generally through the internet). Each of these problems can generate costs from business interruption, replacement of IT infrastructure, and/or payment of compensation to victims. Computer crimes such as hacking, malware and viruses were the greatest source of cyber-security losses in the United States from 2013 to 2019, accounting for nearly half of all claims made.
The global cyber security insurance market
This market emerged in recent years and its development is a consequence of increasing reliance on digital solutions for data storage. It is predicted that the global cyber insurance market will exceed 27 billion U.S. dollars by 2027. The cost of a data breach varies by industry. For instance, a data breach in the healthcare sector cost twice as much as a data breach in the education sector in 2021.
