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One might think stand-alone cyber insurance would be a relatively easy sale given the increasing frequency and severity of highly publicized attacks against an array of companies and government entities. Yet agents and brokers are often either struggling to convince clients to buy the additional coverage or, in some cases, are even advising against a purchase.
The Deloitte Center for Financial Services fielded a pair of surveys examining why stand-alone cyber insurance sales aren't rising more quickly while generating ideas about how growth might be accelerated well beyond the rather modest $2 billion in sales being produced today. Our recent Deloitte Insights report — "Overcoming challenges in cyber insurance growth" — focused on the experience and attitudes of insurance buyers at middle-market companies (those with over $250 million but less than $1 billion in annual revenue). This segment should be prime prospects for the coverage given the rapid rise in cyber events targeting companies that size.
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