Despite growing awareness of vulnerability to cyberattacks, less than 20 percent of large enterprises avail themselves of cyber insurance, according to ABI Research. For small and medium-sized enterprises, the percentage is even lower, at less than six percent, ABI added in a statement.

According to the company, the largest barrier to growth is lack of actuarial data about cyberattacks, but this is quickly changing with continued cyber assaults. Currently, ABI said, insurers are finding it difficult to assign the proper value to data or systems, or to determine appropriate policies since they are unable to scope the cyber risk environment of an organization.

“More information sharing, and understanding of event impact and the associated longer term costs (through post-incident analytics, for example) can help remove some of these obstacles. In turn this will drive better policy rates and see the cyber insurance market progressively emerge from its niche, despite being around for over 30 years,” said Michela Menting, ABI research director.