Cybersecurity

Carriers need cybersecurity services firms for active engagement and collaboration to develop and support a dynamic product.

From 2015-2020 the surplus line sector held a relatively steady 25% market share. It is now over 60%.

"If you're a bad guy and you're not using ChatGPT or other LLMs to go and find vulnerabilities, you're probably not doing your job as a bad guy," said Scott Giordano, general counsel of Spirion.

Small and midsize companies remain especially vulnerable to state-sponsored cyberattacks, GlobalData says.

Business owners are realizing that they are either uninsured or vastly underinsured for cyber protection.

Companies can implement specific procedures to help mitigate the impact of some phishing and cyberattacks.