Overcoming challenges to cyber insurance growth
While cyberattacks continue to run amock, the cyber insurance market has grown at a lower rate than expected. While there is now a steady uptick with the market worth $4852m, the market has plenty of room to grow with some independent researchers suggesting the market will be worth $28602m by 2026. Clearly therefore, this is a market that has potential, if it is Indeed, the mean cost of a cyber attack quadrupled from $44,000 to $184,000 increasing the need for a strong insurance market to protect businesses.
According to a report by Deloitte, some of the reasons that people didn’t buy cyber insurance include that current insurers don’t offer stand alone cyber insurance and that there was still a preference for self-insurance options. Clearly therefore, there is a need to get cyber insurance into the minds of senior executives.
In this session we will look at ways to help grow the cyber security insurance market and the different forms of cover available, including the cost of investigating a cybercrime, recovering data lost in a security breach and the restoration of computer systems.
If you are a member of techUK and would like to speak at this event, please don’t hesitate to get in touch.