Day: March 15, 2023
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Cyber Insurance: Strengthening Cyber Defenses
Cyber insurance companies are losing money. Their loss ratios – total claims plus the insurer’s expenses divided by total premiums received. These are now routinely around 60%, posing an existential danger to the insurance sector. Moreover, potentially renders cyber risk uninsurable owing to diminishing profitability. The insurance industry is combating its losses by raising rates.…