Cyberwrite Partners With Samsung Fire & Marine Insurance On Cyber Insurance
SEOUL, South Korea & NEW YORK, May 29 (Bernama) -- Cyberwrite has partnered with Samsung Fire & Marine Insurance (SFMI) to strengthen the insurer's cyber insurance capabilities. Following a comprehensive global evaluation by Samsung Financial C-Lab Outside, Cyberwrite was selected for its expertise in next-generation cyber catastrophe modeling, AI-driven real-time cyber underwriting analytics, and broker enablement abilities.
The collaboration will focus on strengthening SFMI's ability to assess the probability and economic impact of cyber attacks across its portfolio and manage catastrophic risk. By 2030, the global cyber insurance market is projected to experience substantial growth, rising from approximately $16 billion in annual premiums in 2025 to over $40 billion to 50 billion by the end of the decade. This surge is driven by escalating cyber threats and the increasing financial impact of cyber incidents on organizations worldwide. Concurrently, cybercrime is anticipated to impose significant economic burdens, with global damages expected to reach approximately $10.5 trillion annually by 2030.
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