Source: Business Insurance

Judy Greenwald

September 05, 2019 The costliest cyber catastrophe scenario is widespread data loss from a leading operating system provider with the potential to generate up to $23.8 billion of insured loss, says a study that explores the size and shape of possible cyber catastrophe scenarios. But the most likely cyber catastrophe loss scenario is widespread data theft from a major email service provider, with a possible $19.1 billion loss, says the study issued Thursday by Guy Carpenter & Co. LLC, a Marsh & McLennan Cos. Inc. subsidiary, and San Francisco-based Cyber Cube Analytics Inc. The report says according to some estimates, the global market volume for cyber insurance will grow to $8-$9 billion by 2020, which is more than twice that of 2017. But despite this growth potential, “increasing competition as new entrants seek to take advantage of the growth potential has created pressure on rates as well as an expansion of available coverage.