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Thematic Intelligence: Cybersecurity in Insurance

Published: 29 June 2022 Code: GDIN-TR-S050

  • GlobalData’s ‘Cybersecurity in Insurance’ report provides a comprehensive overview of increased cybersecurity risks affecting and its implications for the insurance sector. The report discusses how the increased cyber risk puts insurance companies holding sensitive information at risk of data breaches and therefore lawsuits. Furthermore, the report discusses how despite increased demand for cybersecurity covers, insurance companies face a challenge trying to navigate the risks and improve penetration rates.
  • GlobalData forecasts the cybersecurity revenues in the insurance sector will grow from $6.4 billion in 2020 to $10.6 billion in 2025.
  • Although cybersecurity risk awareness has increased sentiment towards cybersecurity remains low.
  • The increased risk of cyberattacks has made cyber insurance provision far riskier for insurers as the chance of a payout is greater.
  • The changing cyber insurance market landscape poses obstacles to the widespread adoption of cyber cover. Insurers have begun to reduce coverage limits and increase premiums.

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