The continued digitization of society presents more opportunities for malevolent actors to do harm to individuals, private firms, and public entities. Cyber incidents are the most important business risk globally, and businesses both large and small need to protect themselves as much as they can. Cyberattacks have the potential to cause massive monetary and reputational damage to organizations and significantly impact entire economies as well.
Cyber insurance can protect entities against these risks by providing a holistic approach that consists of identifying potential areas of attack, providing monetary compensation in the event of an attack, and helping businesses get back on their feet as quickly as possible.
The global cyber insurance market generated an estimated $4.05bn in gross written premiums in 2018.
The proportion of UK SMEs that hold cyber insurance increased, but is still less than one in five.
Brokers are a key channel in the distribution of cyber insurance policies.
Reasons to Buy
Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Be prepared for how regulation will impact the cyber insurance market over the next few years.
Arthur J Gallagher
Willis Towers Watson
Table of Contents
The cyber risks faced by businesses are wide-ranging
The prevalence and cost of cyberattacks
The global cyber insurance market
The UK cyber insurance market
The wide-ranging cyber risks faced by businesses mean cover must be broad
Recommendations for insurance providers
Appendix: Our thematic research methodology
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