|15 March 2016|

Cyber threats are a major issue worldwide in the digital age and a new report is calling on insurers to play their part in building a culture of security.

IDC Financial Insights outlines the tremendous opportunities for insurers to capitalise on this largely untapped market in a new report, Perspective: Cyber Insurance — Can Technology Help Insurers Overcome Their Skepticism? and emphasises some of the tools and models that can help insurers effectively penetrate the emerging market while balancing their risk portfolios.

Sabitha Majukumar, IDC Financial Insights Senior Research Analyst, Worldwide Insurance Strategies, said: “We strongly believe insurers should consider the available evolving tools and technologies in the cyber risk exposure monitoring and assessment space. These tools will help advance insurers’ ability to manage cyber risk and offer wider coverage against the growing threat of cyberattacks. In doing so, forward thinking insurers can venture into this market better informed about the current customers’ and prospects’ risk exposure and avoid missing out on a huge market opportunity.”