KYND Limited, a frontrunner in cyber risk management, has unveiled the outcomes of the Cyber Insurance Survey 2024 in collaboration with Intelligent Insurer.
Designed to furnish empirical insights into the future trajectory of the market, the survey engaged over 100 insurers and brokers, offering a comprehensive understanding of the prevailing challenges and opportunities within the US cyber insurance market.
Among the survey’s notable findings is the consensus among a majority (57%) of respondents that underwriting standards will escalate over the next year.
This underscores the imperative for businesses to ensure the protection of their digital assets against the evolving cyber threat landscape through robust cyber risk management and mitigation strategies.
With 80% of respondents concurring that cyber risk is set to rise in the coming year, there is a heightened emphasis on proactive risk management services, real-time exposure visibility, and enhanced communication and collaboration between insurers and insureds.
The survey results underscore the growing efforts among US insurance professionals to augment their advisory capabilities and address the market’s evolving challenges as it continues to expand steadily.
This necessitates the adoption of adaptive and proactive cyber risk management strategies. Furthermore, the primary challenge identified by insurers is the lack of accurate, real-time cyber exposure insight, highlighting the urgent need for advanced and actionable data-driven insights to fortify cyber resilience and sustain underwriting practices.
Through the adoption of cutting-edge cyber risk management technology and data-driven insights, insurers can effectively assess and manage cyber risk across their business portfolios amid the evolving cyber landscape.
Andy Thomas, CEO and Founder of KYND, remarked, “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 and 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.”
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