Beyond risk transfer, cyber insurance providers must better communicate value-added services and engage key decision-makers to enhance cyber resilience, concludes a QBE Zywave report.
Cyber insurance is increasingly seen as a crucial tool in managing cyber risk, with 72% of surveyed risk professionals and insurance buyers purchasing standalone policies, yet opportunities remain for insurers to improve client resilience beyond risk transfer, according to a recent survey by QBE North America and Zywave.
The cyber insurance market has experienced tremendous growth in recent years, driven by the unfortunate reality of the high rate of cyber incidents impacting organizations, according to the survey report.
The survey found that over 60% of respondents had experienced a cyber event, highlighting the pervasive threat of cyberattacks that can lead to data loss, compromise, and significant business disruptions. Yet only 36% of those respondents actually filed a cyber insurance claim, with the remainder either not having coverage at the time of the event or facing costs that fell below…
