Protecting electronic assets is the way of the future, and companies know it. Marine contractors might not think of themselves as exposed, but they have as much incentive to insure themselves as any other business. For proof of how prominent this insurance is, businesses can look at the growth of the market, which shows how serious cyber insurance has become.
In a recent press release, Fitch Ratings announced that 2015's cyber coverage direct written premiums accounted for around $1 billion. This figure came from aggregated insurance company and market performance data.
The statement also referred to previous predictions, which forecast that global cyber insurance premiums could grow by at least five times over the next four years. Fitch Managing Director James Auden both affirmed this and noted some of the challenges that come with tracking numbers.
Cybersecurity insurance premiums are set to grow exponentially, according to one source."Industry estimates suggest that the global cyber insurance business could increase to $20 billion by 2020, but the lack of information on cyber insurance is a challenge for insurance companies, policyholders, regulators, and investors to evaluate and price risk," he said.
Business owners may need to move away from the idea there is only one kind of insurance for digital systems. As Global Trade recently pointed out, there are multiple policies on the market, including first and third-party coverage options, that fall under the cyber liability label.
Whether it's a standalone policy or simply part of a larger offering, the coverage companies invest in could help them escape dangerous misconceptions. The article listed some of these, including the idea that certain businesses can avoid being a target simply because they aren't high profile enough. Providers with experience insuring commercial diving can assist marine companies with their Cyber Insurance needs along with their other coverages.