Cyber Insurance: What The Changing Power Dynamics Mean For You
Cyber insurance is only one component of a bigger enterprise cybersecurity risk management program. However, the cyber insurance market has been on a roller coaster, with skyrocketing premiums, changes in coverage, and a demand for policies that outweighs available supply. After years of affordable and readily available policies, the ubiquity of cyber insurance combined with the rise in cyberattacks has changed the power dynamic in favor of the insurers.
Alla Valente and I are kicking off new research that examines the future of cyber insurance and its wider impact on cybersecurity programs and explores how organizations can get the most value out of their investment in cyber insurance. This report will be a primer on the cyber insurance current market landscape and key players, top existing challenges and benefits, and the role of cyber insurance in the context of an enterprise’s risk management strategy.
Participate In The Research, And Receive A Complimentary Copy Of The Report
This upcoming research will explore a range of issues from different perspectives, from cybersecurity professionals to insurance carriers, insurance brokers, technology providers, and data providers. Here’s an overview of who we want to speak with and a sampling of the key questions we aim to explore:
If you’re a security or risk professional whose firm maintains a cyber insurance policy, evaluates the business case for purchase, or navigates through the cyber insurance market:
- How would you rate your most recent underwriting experience on a scale of root canal (awful) to walk in the park (enjoyable)?
- Does your insurer have a good understanding of your firm’s cyber risk posture and of the current market trends?
- What are the most valuable, differentiating features and services of your cyber insurance broker, and what’s still lacking?
- How do you anticipate your cyber insurance policy will impact (or how has it impacted) your cyber risk program?
The Insurance Carrier And Broker
If you work for an insurer, reinsurer, or broker that’s navigating through the changing dynamics of this market:
- What types of data or analysis would provide better insight for underwriting and help ensure a smoother underwriting process?
- What are the trends and/or changes with cyber insurance coverage, claims, and pricing due to the recent increase in ransomware attacks?
- How has your firm had to adapt to the new dynamics, and what has changed about what you sell and how you sell it?
The Technology And Data Provider
If you work for a technology or data vendor supporting buy-side or sell-side clients and customers:
- How do you support insurers, reinsurers, brokers, and the broader sell-side market to understand cyber risks?
- How do you help organizations, government entities, and enterprises understand cyber risks?
- What trends or changes are you seeing in types of data or analytics utilized to gain better insights on cyber risks?
Drop us a note if this is a topic that you have an interest in chatting about over a 30-minute research call. Research participants can opt to remain anonymous or have their organization listed in the report as a participant. Whether you’re tasked with addressing these issues within your organization and need to vent about challenges, feel you’ve successfully addressed these issues and want to share how, or are a provider of technology or services that can help (and share how you’ve helped your customers!), we’d love to connect with you.
Written with Zach Dallas, research associate at Forrester.