February 17, 2021 Cyber Insurers Brochure

Approximately 62% of organizations lack cyber insurance. In a world that is increasingly becoming more technology-reliant, cybersecurity is highly relevant to the optimum operational performance of organizations.\r\n\r\nThe risk associated with providing meaningful cyber insurance is too great because there is often a lack of data and evidence to accurately inform underwriting and policy decisions. This leads to a deficiency in reasonable and cost-effective coverage available, especially for larger businesses.\r\n\r\nAs an enterprise grows, its operations become more elaborate and complicated. Consequently, its cyber risk can be difficult to quantify in terms of financial impact and operational significance. For insurance companies, this is a material dilemma. Cyber risk represents a substantive new product development for the insurance industry, but it cannot be reasonably assumed if its complexity or the probabilities of data breaches are not fully understood.