Embroker, a digital insurance platform simplifying the insurance process for businesses, has released its “2024 Cyber Risk Index: Startup Edition,” revealing a steady rise in cyber insurance adoption with a focus on simplicity, resilience, and investor appeal in a shifting cyber risk landscape.
Nearly all startups now carry cyber insurance, with a growing preference for simplified policies. This year, 48% of startups added cyber coverage to their existing insurance plans, up from just 22% in 2023.
Meanwhile, only 7% opted for the most comprehensive coverage in 2024, a significant drop from 27% in 2023, which was the most common approach last year.
While AI remains a major concern for founders, technologies like 5G networks, robotics, and Internet of Things (IoT) devices are currently generating even greater cybersecurity concerns.
In its third year, the report highlights how VC-backed startups are adapting their cybersecurity strategies, shedding light on the challenges, emerging risks, and shifts that are defining today’s startup landscape.
