The cyber landscape in 2018 is a chaotic and dangerous place. From state-sponsored hackers to financially motivated cybercrime gangs and negligent data loss, risk is everywhere and liabilities are high. Recent estimates claim that cybercrime now costs the global economy $600bn annually. With experts now agreed it’s not a case of “if” but “when” your organisation suffers a major breach or outage, the expanding cyber-insurance industry offers a vital way to protect against losses.
Every major risk creates an insurance market, and it always has. These markets develop in stages similar to people, from childhood to old age. Right now, the cyber insurance business is in its teenage phase – dynamic, rapidly changing, but also awkward, and not yet making optimal decisions.