From 2018 to 2020, losses related to cyber attacks increased by 50%, reaching almost $1 trillion in 2020 alone—calling for both better cybersecurity and a proactive global cyber insurance market. Moving forward, enterprises will need to strengthen their cybersecurity position with modern solutions involving the cloud or artificial intelligence, while insurers will need to create a cyber insurance ecosystem that positions them as strong advisors in both risk and coverage.
In this brief, we’ll take a closer look at the global cyber insurance market in 2021 and explore marked changes in light of the COVID-19 pandemic, including:
- How the pandemic forced enterprises to rethink cybersecurity strategy and risk management
- Why cyber insurance is the must-have product in 2021
- The growing demand for cyber risk measurement and analytics capabilities, which are a direct response to growing claims losses
- How traditional security services are now obsolete due to more severe cyber attacks and more digital technologies and touchpoints
- A definite rise in the consumerization of IT and the convergence of information technology and operational technology environments
Read this brief to learn how today’s insurers are building capabilities in-house to manage risk, offer value-added services, and leverage real-time threat intelligence.