Cyber Insurance Market Trends to Watch for in 2018

Cyber Insurance Market Trends to Watch for in 2018As Cyber Liability Insurance evolves to protect various aspects of cyber risk, the market trends for 2018 are an obvious reflection of its progress. From serverless applications to increased ransomware threats and personal devices that require monitoring, cyber trends for 2018 are still in their infancy but are changing to face some new challenges ahead. As an insurance agent, this information is not only beneficial to you while you place new business, but also to the clients in which you serve. Read on to discover the expected cyber market trends for the coming year.

A race in machine learning.

Hackers continue to develop new ways to manipulate machines to gain access to confidential information. As long as this is occurring, the other side will have to work even harder to be one step ahead and protect their data.

According to Information Age, machine learning can process massive quantities of data and perform operations at great scale to detect and correct known vulnerabilities, suspicious behavior, and zero-day attacks, but adversaries will certainly employ machine learning themselves to support their attacks, learning from defensive responses, seeking to disrupt detection models, and exploiting newly discovered vulnerabilities faster than defenders can patch them. To win this arms race, McAfee suggests that organizations must effectively augment machine judgment and the speed of orchestrated responses with human strategic intellect.

Once this strategy is perfected, attacks can be perceived before they happen, strengthening their cyber security.

Ransomware attacks.

As more strategies and mechanisms are put in place to counter attacks, ransomware hackers are turning to more expansive attacks, including high net worth individuals and personal devices. The greater threat is moving from just collecting data to business interruption and sabotage. For this reason, cyber liability insurance is expected to expand to reflect these threats.

Connected home threats.

Manufacturers of connected home devices are expected to gather more personal data from their customers. In turn, the information gathered will be used to determine who is buying the connected home devices and why. However, this creates an even greater risk for consumers, many of which don’t even know their information is being compromised.

This is because, customers rarely read privacy agreements, corporations will be tempted to frequently change them after the devices and services are deployed to capture more information and revenue. McAfee believes that there will be regulatory consequences for corporations that make the calculation to break existing laws, pay fines, and continue such practices, thinking they can do so profitably.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.