Organizations should be fully aware of what's at stake from a cyber risk perspective because each company carries various degrees of risk relative to their distinct type of attack surface. (Photo: zephyr_p/Shutterstock.com)
The cyber insurance market is rapidly maturing and there are many reasons for this. Companies are increasingly leveraging technology to expand or streamline their businesses, remote work is seeing wide-scale adoption, cybercrime is inflicting trillions of dollars in damages and global cybersecurity legislation and privacy obligations are increasingly holding firms accountable. The cyber insurance market is projected to become a thriving $20 billion industry by 2025.
Gauging the value of cyber insurance
Cyber insurance premiums are becoming costlier by the day. In the first quarter of 2021 alone, cyber insurance premiums rose by an average of 18% owing to the increasing number of claims and thinning margins of cyber insurers. It's now time to evaluate whether the amount of coverage is affordable and delivers real value to the policyholder. Below are five questions to help organizations assess whether carrying cyber is a worthwhile investment:
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