2022 Cyber Insurance Market Trends Report

Read the latest research on the future of the cyber insurance market

Cyber insurance is crucial for enterprise risk management, but it’s quickly becoming unaffordable. Premiums are increasing rapidly and new research shows that 82% of insurers believe that prices will continue to rise for the next two years.

This comes from our 2022 Cyber Insurance Market Trends Report, based on a survey of 400 decision makers in cyber insurance across the US and UK. It reveals what’s driving the increase in premiums and how the market will evolve in response to growing threats such as ransomware.

For example, the research shows a clear appetite for transforming how insurers assess an organisation’s security posture. Nine out of 10 insurers believe it’s important for the industry to develop a consistent approach to analysing a customer’s cyber risk using accurate security metrics and measures.

Other findings show that:

  • The largest ransom pay-outs by insurers in the last two years average £3.26m in the UK and $3.52m in the US.
  • Increasingly sophisticated threat actors and costly ransomware attacks are having the biggest impact on rising premiums.
  • 89% of insurers believe it would be valuable to have direct access to customer metrics and measures proving the status of their security controls.
Download report

What you’ll learn about the cyber insurance market 2022

Download our new report for insight into the trends shaping the cyber insurance market. It reveals the factors driving increases in insurance premiums, what insurers look for when assessing risk, and how confident they are in the underwriting process.

The data also shows what could be done to ensure the cyber insurance market remains attractive for enterprises, such as improving data transparency and creating shared standards for measuring security posture.

Alongside the findings from our research, it includes interviews with Andreas Wuchner and David Fairman, both experienced CISOs and board members. They share their insights into the cyber insurance industry, including how premiums increases are forcing organisations to consider other options.

Read it now using the download form.

Contributors

Andreas Wuchner is a recognised cybersecurity and Risk expert with more than 25 years’ experience as a business owner, board advisor and investor operating within complex global business environments. He advises highly promising cybersecurity startups in the US and Europe.

David Fairman is an experienced CSO/CISO, board member, investor and coach. He’s worked for, and consulted to, large financial institutions and Fortune 500 companies. David has been actively involved in founding several industry alliances and expert groups across multiple regions.

Nik Whitfield founded Panaseer in 2014. Previously he built automated trading systems and advanced cybersecurity detection systems for global financial institutions at BAE Systems Detica.