KYND Limited, a leading player in the field of cyber risk management, has unveiled the findings of the Cyber Insurance Survey 2023, conducted in partnership with Intelligent Insurer, a prominent publication serving the global insurance and reinsurance sectors. This comprehensive survey sought to offer firsthand insights into the evolving landscape of the cyber insurance market and the latest trends in innovation.
In collaboration with Intelligent Insurer, KYND surveyed over 200 insurers and brokers to gain a deeper understanding of the current challenges and opportunities within the cyber insurance market. The results reveal a dynamic market where 89% of respondents acknowledge the rapid evolution of cyber threats, yet over half of those surveyed consider the current state of the market to be unsustainable. Among the major challenges cited by insurers and brokers are systemic risk, the need for enhanced market education, adapting to evolving cyber threats, limited capacity, ransomware incidents, and the importance of ongoing risk monitoring.
The survey underscores the critical role of real-time risk intelligence and cyber expertise across all stakeholders within the cyber insurance ecosystem. A striking 81% of respondents expressed dissatisfaction with the cyber defence tools employed by policyholders, even as the cyber threat landscape continues to escalate. Notably, 50% of insurance specialists view risk mitigation measures such as basic cyber hygiene, employee education, and vulnerability assessments as crucial in enhancing policyholders’ cyber resilience. Additionally, 40% of insurers believe that real-time data feeds for underwriting are instrumental in bolstering the profitability of cyber insurance.
These findings emphasise the urgent need for increased collaboration and information sharing among insurers, brokers, and policyholders to fortify cyber resilience within the cyber insurance industry.
Melanie Hayes, COO and Co-Founder of KYND, remarked, “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.”
To access the full report, please visit this link. To learn more about KYND’s state-of-the-art cyber risk management technology and services, visit https://www.kynd.io/.
