Cyber insurance is currently a $2 billion market, according to Betterley Risk Consultants Inc., and most cyber insurers report consistent premium growth in the double digits. Even so, only one-fifth to one-third of companies has any sort of cyber coverage in place, according to the Ponemon Institute.
"The cyber risk insurance market is still a small market that gets more talk than action, but it is a significant growth opportunity for brokers," said Ken A. Crerar, president and CEO of the Council of Insurance Agents & Brokers.
Capitalizing on that opportunity starts with education. "Businesses must truly realize that they have potential exposure in their own operations. Only after such awareness develops do insureds become interested in buying the coverage," according to Patricia A. Borowski, senior vice president at the National Association of Professional Insurance Agents.
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