Insurers that offer cyber protection have increasingly realised that they must partner with specialist cyber firms to make this a truly effective product. Intelligent Insurer looks at how such partnerships work.
Over the next five years cyber attacks could cost companies $5.2 trillion in value-creation opportunities, according to research carried out by global professional services giant Accenture.
"For a while, insurers have understood they can't handle cyber claims without the help of external cyber experts."
However, Accenture also found that with the growing industrialisation of cyber attacks and increasing sophistication of threat actors, the total number of attacks is also increasing reaching an average of 232 per company in the year to January 2018, more than double the number reported during the previous 12 months.
AXA XL, Cyber attacks, Insurance, Reinsurance, James Tuplin, Ted Stuckey, North America