- 86% of executives are concerned about cyber threats, including a lack of data security, according to a PricewaterhouseCoopers survey.
- This chart explains what cybersecurity is, what the investment will be, the top types of attacks, and the ways enterprises are protecting themselves.
The Cyber Insurance Report: This report examines the growth of this market and identifies the key factors driving that growth. It also identifies the commercial sectors that are underserved in the cyber insurance market, which present a unique opportunity to insurers. Finally, it explains how insurers can find creative ways to cover these underserved markets while still limiting their overall exposure.
Here are some key takeaways from these reports:
- Research has repeatedly shown that many IoT device manufacturers and service providers are failing to implement common security measures in their products.
- Hackers could exploit these new devices to conduct data breaches, corporate or government espionage, and damage critical infrastructure like electrical grids.
- Investment in securing IoT devices will increase five-fold over the next five years as adoption of these devices picks up.
- Traditional IT security practices like network monitoring and segmentation will become even more critical as businesses and governments deploy IoT devices.
- Cyber insurance plans cover a variety of costs related to cyber attacks, including revenue lost from downtime, notifying customers impacted by a data breach, and providing identity theft protection for such customers.
- Annual cyber insurance premiums will more than double over the next four years, growing from to ~$8 billion in 2020.
- However, many insurance companies have been hesitant to offer cyber insurance because of the high frequency of cyber attacks and their steep costs. For example, Target’s notorious data breach cost the company more than $260 million.
- Insurers also don’t have enough historical data about cyber attacks to help them fully understand their risks and exposures.
- There are large underserved markets with very low cyber insurance adoption rates such as the manufacturing sector, where less than 5% of businesses have cyber insurance coverage.
via Business Insider