The cyberinsurance market is rapidly maturing for many reasons. Companies are increasingly leveraging technology to expand or streamline their businesses, remote work is seeing wide-scale adoption, cybercrime is inflicting trillions of dollars in damages, and global cybersecurity legislation and privacy obligations are increasingly holding firms accountable. The cyberinsurance market is projected to become a thriving $20 billion industry by 2025.
Meanwhile, cyberinsurance premiums are becoming costlier by the day. In the first quarter of 2021 alone, cyberinsurance premiums rose by an average of 18 percent, owing to the increasing number of claims and thinning margins of cyberinsurers. It's now time to evaluate whether the coverage is affordable and delivers real value to the policyholder.
Here are five questions to help organizations assess whether carrying cyberinsurance is a worthwhile investment:
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
