This week we’d like to share with you our projections for cyber insurance in 2017 and maybe even 2018. We’d also like to talk through some of the new opportunities that are presenting themselves to us here at Node and some new areas that are beginning to offer some exciting new ventures.
To kick things off, let’s have a look at the current field of play and where we think the trends will sit in the next twelve months. It’s a notoriously difficult thing to lock down, simply due to the ever changing and evolving nature of digital risk. Indeed, the level of crime and sophistication of the incidents we are seeing is definitely on the up. These however, are the territories that are creating the most buzz and the most conversations.
One of the biggest current trends is data integrity for business owners. We’re seeing a shift in focus away from not just what data they are holding, but towards how they are holding it and ultimately what they would do in the case of a breach. Conversing from an insurance perspective, that means a stronger focus on what a cyber insurance policy will specifically do to help rectify the problem.
Criminal activity, specifically the ways in which criminals are using and manipulating various infrastructures is also going to continue to grow and be a massive player over the coming year. We’re going to see more disruption by organised crime with them exploiting networks and essentially proving harmful and disruptive to businesses.
As we’ve previously touched on in past posts, spear-phishing and social-engineering are appearing both globally and daily. Again, it’s organised crime and fraudsters specifically targeting businesses. All of the aforementioned are very insurable for now, but their sophistication is going to continue grow and it’s something that we’re really going to have to continue to monitor.
Secondly, we want to share with you the new sectors that we’re being approached by and who are actively looking for a cover that will mitigate risk in their specific areas. Here at Node, we think that this is one of the most fascinating aspects of the what we do. Never in our history are we going to see such a fundamental transformation and transition, like that of the internet and what it has done for trade and commerce. Our exciting part to play is our role in coming up with new solutions for those old infrastructures which have recently updated to new technologies. As they embrace the brilliance of technology, we are able to protect them against the new risks they face.
One of the largest of these, particularly in London, are the marine and aviation sectors. They are typical of businesses who have historically had a very set infrastructure of digital risk. One that has been either a very fixed layer, or simply hasn’t existed at all. Yet now that they are becoming digitally enabled, we are finding that not only do they need to look beyond their current policies in order to cover them. But also that this digital risk, is actually the largest and realest risk they face. As such they need a solid and reliable digital risk insurance solution that will help mitigate against this.
Other sectors that are gathering momentum are the service sector, as it moves towards driverless vehicles, artificial intelligence and drone delivery. The e-gaming industry, where traditional casino customers are moving online and lastly the Internet of Things, which is looking to make huge advances in the next few years.
As all of these industries rely more and more heavily upon digital infrastructures, so will they rely more heavily on digital risk management and cyber insurance.
This week, we’re more interested than ever in hearing your feedback. We’d love to know if there are any big contenders you feel we’ve neglected.
Goodbye for now,
The Team at Node