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.