An illustration of six hands reaching toward password and username boxes. More than half of these agents also said one of the biggest motivating factors for their clients deciding to purchase cyber insurance is witnessing a similar business suffer a cyberattack. (Credit: Eviart/Shutterstock.com)

The FBI’s Internet Crime Complaints Center (ICCC) reported cybercrime losses hit $6.9 billion in 2021, an increase of around $2.7 billion dollars from cyber losses in 2020. This number has ticked upward steadily year-by-year from a reported $1.4 billion in 2017. Even with these rising losses, however, many insurance agents are still struggling to get their clients to fully understand cyber insurance.

According to a Nationwide 2022 Agency Forward Survey, 83% of insurance agents said most of their clients believe the chance of becoming the victim of a cyberattack is small, and 73% stated they aren’t even sure their clients are aware cyber risk coverage exists. Despite businesses’ lack of knowledge about cyber insurance, 67% of independent agents and 69% of commercial lines agents surveyed said their clients are at least moderately concerned their business could experience a cyberattack. Only 7% of independent agents reported their clients were not concerned at all about cyber threats.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

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