Companies’ uptake of standalone cyber insurance to surge in 2018

In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon’s 2018 Cybersecurity Predictions report.

As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and claims against directors and officers, they’re expected to move away from “silent” cyber cover included in other policies and into tailored entreprise cyber insurance.

Cyber insurance adoption will spread beyond “traditional buyers of cyber insurance, such as retail, financial, and healthcare sectors, to others vulnerable to cyber-related business disruption, including manufacturing, transportation, utility, oil, and gas,” said Aon Cyber Solutions industry specialists.

Firms will look for ways to integrate cyber risk more aggressively into their enterprise risk management, driven in part by the widening regulatory spotlight on cyber.

Aon said “in 2018, regulators at the international, national, and local levels will more strictly enforce existing cybersecurity regulations and increase compliance pressures…