In a recent survey by KYND and Intelligent Insurer, key insights into the US cyber insurance market have been unveiled, spotlighting the growing challenges and pivotal developments in cyber risk management.
Conducted among over 100 insurance professionals, the “Cyber Insurance Survey 2024” aims to crystallise the trajectory of market evolution amidst heightened digital threats.
The survey highlights a significant consensus among respondents, with 57% anticipating stricter underwriting standards within the next year. This shift underscores the urgency for businesses to fortify their cyber defences, as a robust risk management strategy becomes crucial for insurance eligibility. Moreover, a substantial 80% of those surveyed predict an escalation in cyber risks over the forthcoming period, which solidifies the need for insurers to refine their approach to risk assessment and mitigation.
Further findings reveal a pressing demand for enhanced services that provide real-time data on cyber exposures, along with a stronger focus on interconnectivity between insurers and their clients. This calls for an integrated framework where timely and actionable intelligence is at the forefront of industry practices, aiming to bolster cyber resilience.
KYND’s CEO and Founder, Andy Thomas, provided insights on the evolving market dynamics: “With cyber insurance being the fastest-growing insurance subsector, the expanding attack surface means that staying ahead of the curve has never been more important for the industry to capitalise on increasing demand. Our latest survey findings reaffirm that the industry is progressing in the right direction by bringing together the expertise, innovation, and partnerships needed to successfully adapt to changes and foster sustainable growth. Working with the world’s most prominent insurance players in navigating this complex landscape with the help of actionable cyber risk intelligence, at KYND we’ll continue setting a new precedent in cyber risk management as part of this transformation, continuously anticipating and responding to our partners’ needs, helping them thrive in shifting market conditions.”
The insights from this survey not only highlight the critical need for advanced risk management solutions but also reflect a collective industry move towards more sophisticated and predictive insurance frameworks. As the landscape of cyber threats broadens, the ability for businesses and insurers alike to remain proactive is more pivotal than ever.
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