Cyberinsurance is seeing a shift as brokers face the pressure of a rapidly evolving threat landscape. With cybercrime costs hitting a staggering $8 trillion in 2023 and expected to soar to $10.5 trillion by 2025, brokers need partners who can keep pace with these emerging risks and provide more than just policies.
Source: Cybersecurity Ventures
Key Points
- Cyberinsurance brokers are under increasing pressure due to evolving threats such as ransomware and AI-driven deception.
- Global cybercrime costs are projected to climb from $8 trillion in 2023 to $10.5 trillion by 2025.
- Many traditional insurance carriers offer outdated coverage, lacking clarity around new threats.
- Brokers need to collaborate with cyber-focused Managing General Agents (MGAs) who have underwriting authority for better policy development.
- Deepfake technology is an emerging threat that remains inadequately quantified by existing policies.
Why should I read this?
If you’re even remotely involved in cybersecurity or insurance, you won’t want to miss this! The article dives into the urgent need for brokers to adapt to a fast-paced threat landscape. Keeping up with the latest developments in cybersecurity could prove essential for protecting your business. Trust us, this is info you need in your toolkit!