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Cyberattacks are the fifth-ranked risk (out of 10) in South Asia. Cyberattacks ranked as the number five risk across the region, but it topped the concerns of respondents in India, by far the region's largest country. According to Symantec, India ranks third in the world, after the U.S. and China, for the volume of cyberthreats detected, and second for targeted phishing attacks. Elsewhere in the region, Pakistan, Nepal and Bangladesh all rank high among countries with computers running Microsoft products that report malware encounters. To determine the likelihood of an organization experiencing a security breach and the factors that drive risk, a probabilistic cyber model should leverage machine learning techniques. (Photo: Shutterstock.com)

The profitability and growth potential of cyber insurance is attracting more insurers and reinsurers to the market, and because of increased competition, pricing is set by supply-and-demand dynamics rather than risk-based assessments.

Any insurer’s worst nightmare is experiencing a major loss event that puts the viability of the business in jeopardy. To avoid being labeled as “naïve capital” in this market, insurers must understand how deep in the red their business could become and how they can select the best risks to continue growing while maintaining their overall profitability.

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