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The cyber insurance market will grow rapidly

Wednesday, June 30, 2021

Significance

Ransomware attacks have surged this year, and ransomware payments and cyber insurance premiums have also risen. Cyber risks are far outpacing the current size and shape of the cyber insurance market. Many more firms are buying cyber insurance and insurers are raising premiums and sharpening new policies.

Impacts

  • Calls for governments to ban ransomware payments are growing in the wake of multiplying attacks, but a full ban is unlikely.
  • Public-private partnerships may play a key role in supporting cyber insurers, private firms and governments as cyberattacks grow increase.
  • Large firms may consider creating their own insurance division to insure the rest of the firm for a premium and guard against price swings.

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