Despite a maturing cyber insurance market, Munich Re’s report reveals a significant gap in coverage, with 87% of decision makers feeling inadequately protected against cyberattacks.
The cyber insurance market is maturing, yet a significant proportion of cyber risks remain uninsured, according to a report by Munich Re.
The report highlights the increasing demand for cyber insurance, driven by the rapid advancement of technology such as artificial intelligence and cloud technology, and the growing dependence on IT, IoT, and digital services across global industries. Despite this, 87% of global decision makers believe their companies are not adequately protected against cyberattacks, indicating a gap in the level of protection offered by the insurance industry, per the report.
The past year has seen a surge in cyberattacks, with annual ransom crypto payments doubling to $1.1 billion in 2023 from $567 million in 2022. The manufacturing sector was the most susceptible to ransomware attacks, with 67% of respondents in this sector facing such attacks. Business & professional services,…
