With rising cyber threats, the U.S. cyber insurance market faces hardening conditions in 2024, as KYND Ltd.’s survey reveals increased rates and underwriting standards.
The U.S. cyber insurance market is likely to experience hardening conditions in 2024, with higher underwriting standards and increasing rates due to the escalating threat of cyberattacks, according to a survey by cyber risk management provider KYND Ltd.
The survey, conducted in collaboration with Intelligent Insurer, involved over 100 brokers and insurers who shared their insights on U.S. cyber insurance trends.
The majority, 64%, agreed that the cyber insurance market will harden over the next 12 months, while 57% also expect cyber underwriting standards to rise. A significant 80% predict that cyber risks will increase over the next year, with 31% anticipating a significant surge.
“It’s therefore never been more important for businesses to make sure their digital assets are safeguarded from an evolving landscape of cyber threats, through cyber risk management and mitigation strategies,” KYND…
