Cyber Insurance Market Size

 Cowbell Adds CSO and Director from Anthemis to Support Sizzling Growth

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“As of August 2022, Cowbell has developed the largest cyber insurance distribution network in the U.S. with more than 17,000 producers. Cowbell continues to grow its business with a 260% year-over-year growth in written premium, 272% in revenues and 438% in policyholders for the first half of 2022.” Source: Matthew Jones Joins Cowbell as Chief … Read more

This Brings a New Element to Car Insurance — Cyber Attacks on “Connected Cars” Surge 

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“(T)he rise of smart, connective technology in vehicles has also exposed new weaknesses that hackers can exploit. A report by Upstream Security revealed that automotive cyber security incidents spiked 225% from 2018 to 2021. The majority (85%) of global attacks were conducted remotely.” Source: Automotive hacking – the cyber risk auto insurers must consider | … Read more

Who’s a “Radioactive” Customer for Cyber Insurers? Law Firms 

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“Law firms have this treasure trove of information. Statistically, they’re about six times more likely to pay the first ransom demanded, rather than negotiate it…and I have to tell them, months in advance of their renewal, that their premium is going to shoot up. I had one law firm client whose premium went from about … Read more

Small Businesses Cancelling Cyber Insurance Just When They Need It Most: GlobalData

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“…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

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