A new whitepaper by Zurich Insurance Group and Marsh McLennan highlights the urgent need for public sector collaboration to address the growing cyber risk protection gap. Titled Closing the Cyber Risk Protection Gap, the report emphasises the escalating vulnerability of businesses to cyberattacks and calls for enhanced cyber resilience through public-private partnerships.
The whitepaper cites findings from the Munich Re Cyber Risk and Insurance Survey 2024, which reveals that 87% of global decision-makers believe their organizations are inadequately protected against cyber threats.
With the financial impact of cyberattacks projected to rise from USD 8.5 trillion in 2022 to nearly USD 24 trillion by 2027, the need for effective risk management solutions is increasingly critical.
While the cyber insurance market has grown significantly, with gross written premiums reaching USD 14 billion in 2023 and expected to double by 2027, a substantial protection gap remains.
Uninsured economic losses are estimated at USD 0.9 trillion, particularly affecting small and medium-sized businesses (SMBs), which are often uninsured or underinsured due to affordability and lack of…
