The Source for Cyber Insurance News, Insights and Data
Mark Sauter “…17.3%** of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% cancelled their policy to cut costs. Smaller businesses were found to be most exposed to rising costs, as only 21% of micro businesses had cyber insurance, compared to 40.1% for small businesses and 54.3% of medium businesses***.” … Read more
Jon Bateman, senior fellow in the cyber policy initiative of the Technology and International Affairs Program at the Carnegie Endowment for International Peace: “’If we see a true cyber catastrophe on the order of a hundred billion or more losses or insured losses in one country, the government is going to step in, regardless of … Read more
“Managing clients’ expectations suddenly became an even bigger part of the broker’s role, (Patrick Bourk, principal and national cyber practice leader at HUB International Ontario) explained, particularly when it came to helping clients to understand why their premiums increased so much and what they could do to mitigate some of those extra costs. ‘The challenge is, … Read more
“The make-up of who buys cyber insurance has also shifted, wrote Marsh. Increased technology adoption and the associated heightened cyber risk has led to a significant increase in insurance buying by power and utilities and manufacturing companies. Purchasing by more traditional buyers, such as retailers and financial institutions, has declined mainly due to capacity reductions … Read more
“Some of the cybersecurity investment increase is also going toward standalone cyber insurance; 65% of public sector organizations carry specialized cyber coverage, as do 57% of financial services companies. No industry is below 46% in this category.” Source: Moody’s Report: Cybersecurity Investment Up, But Preparedness Remains Inconsistent – CPO Magazine