The Unknown Future of Cyber Insurance

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The cyber liability market has changed drastically over the last decade and so has our dependence on technology. As the world progresses to be even more digital, protecting the privacy of individuals and corporations alike, will likely be a continuously daunting task. Although the average premium for a small business cyber policy is $2,000/year, the average cost of a cyber claim could be 20 times that cost. This discrepancy is causing carriers to recoil or exit the market entirely. So where does that leave insureds who are required to carry the coverage, sometimes in towers of $5m or more? Check out this great article from Big I that delves into some of the most recent attacks and their impact on the market as a whole, as well as how unpredictable these claims may be in the future.
 

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