August 14, 2022
Standard & Poor’s weighs in on state of cyber insurance market, calls for ongoing assessment of ‘risk exposures’
Significant price hikes have made cyber insurance the fastest growing segment of the insurance market, according to Standard & Poor’s Global Ratings, but the sector must constantly re-evaluate risk exposure and strategies for business expansion amid a turbulent threat environment underscored by major cyber incidents and the ongoing crisis in Ukraine.
“Cyber insurance premiums topped $9 billion in 2021, according to [insurance provider] Munich Re. That figure is likely to increase at an average 25% per year to about $22.5...