Estimated reading time: 3 minutes
A Cyber Insurance Market – Under Construction
Cyber insurance is still developing as a market. Buyers are looking for straightforward coverage, while underwriters want proof that security measures are in place. The latest Cyber Insurance News Podcast explores this tension with Max Perkins from Spektrum Labs. Perkins explains that cyber insurance is still new compared to other types of insurance. “We’re only 20 years in at best,” he tells host Martin Hinton. He notes the market really began to grow in 2010, linking this to new regulations and early policy development.
A Career Built On The Inside
After college and a major in political science, Perkins started his career in insurance. He joined AIG in 2006 and saw the cyber market develop from errors and omissions work. He later worked at ACE, Beasley, and Lockton, spending some time in London. At Axis, he focused on data, modeling, and capital efficiency. These experiences shaped how he approaches cyber insurance underwriting.
Spektrum Labs And The Data Gap
Perkins says, “We believe in cyber resilience.” He explains that Spektrum creates a cyber resilience ecosystem for companies of all sizes. Their main platform checks security tools and their settings in one place. He points out that these tools often do not work well together or report information in a standard way. Spektrum wants to provide reliable, structured data you can trust.
Why Applications Frustrate Businesses
Perkins notes that small businesses often struggle with technical questions on applications. Large companies may have to answer over a hundred questions. He says pricing is still based on judgment, adding, “We’re still more art than science.” He also believes that simpler policies would help small businesses, since clear terms make decisions faster and help avoid misunderstandings.
Proof Beats Box Checking
Perkins points out the difference between saying controls are in place and proving it. Multi-factor authentication is still a major issue in policy reviews. He says claims teams often find “a lack of MFA at the time of the event.” This problem can delay payments and cause disputes. He suggests checking controls before renewing policies.
Get The Cyber Insurance News Upload Delivered
Subscribe to our newsletter!
Social Engineering And Ransomware Pressure
Perkins calls social engineering a growing danger. He pushes a blunt rule for teams and families. “We verify in every situation,” he says. He says criminals run businesses, and profit is the motivation. That reality keeps pressure on cyber resilience and incident readiness.
Predictions And Myths For 2026
Perkins expects that pricing will need to change, saying, “is going to need to change because losses are catching up with it.” He thinks more companies will use validated data and measurable controls. The episode wraps up with practical tips for business owners dealing with cyber insurance renewals.
Get The Episode On YouTube – And Other Sites. Links Below.
ALSO GET IT AT THESE SPOTS
This transcript has been checked for accuracy. But errors happened, confirm elements against the video.
Related Posts
- Healthcare Cybersecurity Expands as CISO Global Partners With TeleDental
- Cowbell Appoints Simon Hughes To Lead Global Cyber Insurance Strategy
- BOXX Buys Templarbit, Latest Example of Cyber Insurers Fusing Risk Intel/Protection & Coverage
- Hack of L.A. Schools Highlights Complexity and Costs of Attacks on School Systems
- Lloyd’s Declares “All Clear” After Report of Possible Hack
- Reinsurers Face Challenges in Cyber Insurance Market
