With cyber threats growing in prevalence and an increasingly challenging regulatory landscape, Cyber Risk has now become a boardroom issue. Businesses of all sizes and from all industries are at risk of the financial and reputational harm that can follow a cyber incident. Risk managers, business owners and technologists have come to increasingly rely on the insurance professionals guiding them to make the right decisions to protect their business. But, despite booming demand for additional cyber risk transfer mechanisms, many clients still struggle to grasp why they should invest in cyber coverage, what the policy covers and what. This article provides 9 answers to common talking points on the benefits of cyber insurance that you can apply in conversation with your insureds.
Powering Business Resilience: 9 Reasons Why Cyber Insurance Matters More Than Ever
In today’s digital age, cyber insurance is no longer a “nice to have” – it is a “must”. With cyber brokers taking on an increasingly consultative role with their clients, it has become their responsibility to convey the significant benefits of a cyber policy and to provide a high-level business case for a policy. Analysts predict that the market value of the cyber insurance sector will reach $91 billion by 2031 – indicating that insurance professionals who want to stay relevant in today’s risk landscape will need to be well-briefed on the cyber policy – dubbed the fastest growing product in today’s insurance industry.
1. Protection against financial losses:
A cyberattack can result in significant financial