The Source for Cyber Insurance News, Insights and Data
In response to the escalating threat of cyber attacks, the Third-Party Cyber Liability Insurance market is experiencing substantial growth worldwide. Organizations, recognizing the critical need for protection, are driving the surge in demand for this insurance. This insurance is a vital risk management tool, covering legal claims, regulatory fines, notification of and credit monitoring services … Read more
As noted in our earlier post, Woodruff Sawyer, the large American brokerage and consultancy, is out with an excellent new report: “Looking Ahead: Cyber Liability Insurance Concerns in 2024.” We thought their info graphic on how underwriters are looking at 2024 was worth a special call out.
After a brief respite in 2023, the cyber liability insurance market is bracing for turbulence in 2024. Woodruff Sawyer’s “Cyber Looking Ahead Guide” paints a sobering picture of rising cyber risks, potential policy gaps, and ransomware maintaining its reign of terror. Buckle up, businesses; it’s going to be a bumpy ride. War Clouds Gather: One … Read more
The global cyber insurance market is on a trajectory to hit a whopping USD 90.6 billion by 2033, with a robust Compound Annual Growth Rate (CAGR) of 22.3%. The research from Market.US states in 2023 alone, the market stood at USD 12.1 billion. This showcases the increasing importance of cyber insurance in an era of … Read more
The predictions come in the tech giant’s report “Cybersecurity Forecast 2024: Insights for Future Planning.” The report is a fascinating read for anyone involved in the cyber security arena — we were struck by the section on “Pig Butchering* scams,” among others — but more to point are the comments on cyber liability insurance. “Cyber … Read more