The cyber insurance market has seen substantial growth and transformation in the first half of 2024, with the global market size expanding to $20.88 billion in 2024 from $16.66 billion in 2023, according to a recent report by Fortune Business Insights.
This expansion signifies a shift from the hard market phases of 2020-2022 to a more competitive landscape where carriers are offering lower rates and more comprehensive policies.
An analysis from specialty insurance provider Flow noted insurance providers are increasingly leveraging advanced technological tools for risk assessment and cybersecurity services, marking a significant trend toward integrated cyber risk management.
However, a study from Munich RE indicated there is still an elevated proportion of uninsured cyber risks, with 87% of managers surveyed admitting their company is not adequately protected.
The threat landscape continues to evolve with emerging threats such as ransomware, AI-driven attacks and supply chain vulnerabilities. Verizon’s 2024 Data Breach Investigations Report identified 5,175 breach incidents, with 3,803 involving confirmed data disclosure.
Ransomware and other forms of extortion are…
