KYND Limited, a leading name in cyber risk management, has unveiled the findings of its Cyber Insurance Survey 2023
Developed in collaboration with Intelligent Insurer, a prominent publication serving the global insurance and reinsurance sectors, this survey aims to offer firsthand insights into the evolving landscape of the market and the latest trends in innovation.
The survey’s primary objective was to gain a deeper understanding of the current challenges and opportunities within the cyber insurance market. It sought to provide insights that could guide the industry towards sustainable growth and development.
KYND is dedicated to simplifying the assessment, understanding, and management of complex cyber risks. Their pioneering technology streamlines the process of assessing and managing cyber risks, catering to businesses of all sizes and industries worldwide. Its cyber risk management tools enable well-informed investment decisions, offering instant insights into cyber risk profiles and continuous threat monitoring.
The firm partnered with Intelligent Insurer to survey over 200 insurers and brokers, gathering valuable data. The results revealed key challenges facing the cyber insurance market, including systemic risk, market education, adaptation to evolving threats, capacity limitations, ransomware, and the need for ongoing risk monitoring.
The survey also highlighted the importance of real-time risk intelligence and cyber expertise throughout the cyber insurance chain. The majority of respondents found insureds’ cyber defense tools inadequate, emphasising the need for basic cyber hygiene, employee education, and vulnerability assessments to boost policyholders’ cyber resilience. Real-time data feeds for underwriting were identified as key to enhancing cyber insurance profitability.
Andy Thomas, KYND’s CEO and Founder commented, “The cyber insurance market today faces a range of challenges – from ever-evolving digital threats to heightened client expectations, keeping pace with ever-evolving cyber risks and addressing increased regulatory demands. All of these factors place the sector under extreme pressure to devise innovative ways of delivering exceptional products and services.
“The findings from this survey underscore how swiftly cyber risk intelligence and technology have become critical elements in aiding the insurance industry in its battle against these challenges and preparing for the future. Supporting the world’s most prominent insurance partners globally in navigating this complex landscape with the help of advanced cyber analytics and risk modelling, at KYND we wholeheartedly align with this sentiment.”
You can read KYND’s full report here.
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