The coronavirus pandemic has sped up the pace of digitization of all kinds of businesses. It also ratcheted up vulnerabilities to cyber attacks. Verisk uses data analytics to measure risk for clients across industries. The company saw more demand in its insurance, and energy and specialized markets division in the third quarter, with total revenue rising 76% to $702.7 million.
Cybersecurity risk has been exacerbated by the coronavirus pandemic, which has forced many businesses to put more of their operations online or in the cloud at a faster pace than they would have otherwise. Even before the pandemic hit, experts were raising alarms. The world Economic Forum’s 2020 Risk report said potential attacks to the energy, health care and transportation industries would be the fifth biggest risk in the year 2020.
All of this has meant high demand for cybersecurity protection services. Written insurance premiums for commercial liability could reach $6.2 billion this year, up from $2.5 billion in 2016, according to a report from a division of Verisk.