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Cyber insurance seems like a product that should sell itself, between the increased vulnerability of organizations and companies of all sizes to a cyber breach as well as the uptick in potential expenses and losses arising from today's cybercrimes.
Consider these 2021 cybersecurity statistics, compiled by cybertalk.org:
- Data breach costs increased from $3.86 million to $4.24 million in 2021, the highest in the past 17 years.
- The average cost of a data breach increased by $1.07 million due to remote work. Because of COVID-19, remote work has increased the average cost of a data breach.
It follows that the cyber insurance market earned roughly $3.2 billion in written premiums in 2021, according to premium reporting collected by the National Association of Insurance Commissioners (NAIC) and analyzed by S&P Global Market Intelligence.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
