Cyber Insurance Will Reshape Cybersecurity

Insurance Journal | October 11, 2019

Cybersecurity is broken. It’s a bold statement, but given the increasing frequency of cyber breaches, along with the presence of more varied and evolving threats, there is growing uncertainty about the ability of the cybersecurity industry to protect its customers. There is virtually no company that isn’t a potential target. From mom-and-pop storefronts to Fortune 500 companies, no business is immune to cyber risk. Even with the best possible cybersecurity posture, there is always a threat of a breach. There are several factors driving the rise in cyber threats. They break down into a few core categories: more areas of exposure, difficulty in law enforcement and more creative hackers.

Spotlight

The survey revealed an influx of new-to-market buyers of standalone cyber insurance, the majority of the smaller (categorized as businesses with revenues of less than $50 million) and mid-sized businesses (revenues of $50 million to $1 billion). This may reflect an already higher insurance take-up rate among larger organizations, but the trend remains heartening, an indication that smaller businesses are beginning to more fully understand their risks.

Spotlight

The survey revealed an influx of new-to-market buyers of standalone cyber insurance, the majority of the smaller (categorized as businesses with revenues of less than $50 million) and mid-sized businesses (revenues of $50 million to $1 billion). This may reflect an already higher insurance take-up rate among larger organizations, but the trend remains heartening, an indication that smaller businesses are beginning to more fully understand their risks.

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