Security News > 2023 > October > Keeping up with the demands of the cyber insurance market

When American International Group launched the first cyber insurance policy in 1997, it stepped into completely unknown territory to gain market share.

While in the UK adoption rates of cyber insurance vary significantly depending on the size of an organization, the US has seen a notable spike in demand across many markets for the past two years, with premiums increasing by 50% in 2022, in large part due to increasing ransomware attacks.

As more organizations seek cyber insurance policies to act as a financial safety net, it has been estimated that the global cyber insurance market could double in value to reach $40.3 billion by 2027.

Our own research has shown, the number of organizations requiring six months or more to qualify for cover has been growing steeply, just like the list of exclusions that could make cyber insurance coverage void.

Cyber insurance is becoming an indispensable asset with cyber risk levels showing no sign of abating.

As the cyber insurance market evolves, one thing remains clear: thorough preparedness is not just a requirement-it is a necessity.

News URL

https://www.helpnetsecurity.com/2023/10/12/cyber-insurance-market/