Cyber insurance in 2024: ‘It’s the cost of doing business’

If there’s one subject that concurrently fascinates and exasperates insurance professionals, it’s cyber risk. At the same time that society becomes ever more reliant on digital tools and transactions, bad actors seem to lurk behind every virtual corner constantly finding new ways to scam and steal.

“I’ve seen a huge amount of change over the past 20-plus years” of working in the cybersecurity space, says Jason Hart, head of Proactive Cyber with the specialty insurer CFC. “The sheer scale and scope of what’s happening within the world today is just unimaginable.”

Since joining CFC earlier this year, Hart made it his mission to simplify conversations around cybersecurity and cyber insurance. On this episode of Insurance Speak, the executive shares his unique perspective on the cyber risk landscape in 2024 and the insurance response to this evolving threat.

Listen to our our full conversation above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.

See also:

• U.S. states most at risk of cyberattacks
• Ransomware persists, but cyber premiums are down
• How organizations can fight phishing and social engineering
• Third-party liability claims remain open long after cyber event