2022 Cyber Insurance Market Trends Report
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.
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In the report, we reveal 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.
About the author
The Panaseer Team