What will cyber insurance buyers face in the coming year? Here’s a snapshot of the top five trends buyers can expect, based on findings from our 2018 Marketplace Realities Report: Cyber risk.
1. Total annual cyber premiums will continue to climb as more companies seek coverageGlobal premiums, which are around $2.5 billion now, will continue to rise and are expected to reach $10 billion by 2020. As newer, more powerful attacks and threats emerge, organizations that haven’t already purchased cyber insurance will likely consider doing so. For example, the WannaCry and NotPetya attacks cut across industries and regions that previously weren’t considered as having significant cyber exposure. Given the size, scale and financial and reputational impact of recent cyber incidents, expect those sitting on the sidelines to give serious consideration to purchasing cyber insurance.
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