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Addressing the rising risks in cyber insurance

Review how active scanning and continuous monitoring can improve the loss ratio for cyber insurance.

By Lewis Guignard and Yoshifumi Yamamoto | March 16, 2023 at 01:09 AM
Cyberattack trends and techniques change with exceptional speed, meaning the risk and performance of a given cyber policy can differ drastically not only from year to year but also within a 12-month policy period. (Credit: SergeyBitos/Adobe Stock) Cyberattack trends and techniques change with exceptional speed, meaning the risk and performance of a given cyber policy can differ drastically not only from year to year but also within a 12-month policy period. (Credit: SergeyBitos/Adobe Stock)

In recent years, the growing number of high-profile and large-scale cyberattacks — WannaCry, NotPetya, Log4j, ProxyNotShell, to name a few — have underscored the potential for related catastrophic events and resulting financial loss.

In response, businesses have increasingly sought cyber insurance coverage. The number of large- and mid-sized U.S. businesses opting for cyber coverage has grown from about 25% to nearly 50% over the last few years reported, and yet, the cost of cyber-attacks to U.S. insurers has nearly doubled over the same period.

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