The opportunity: Though businesses understand that they need cyberinsurance coverage, most fail to take advantage of all the related services their cyber insurance providers offer, according to the 2024 Cyber Insurance report based on a survey run by the insurer QBE North America and the Milwaukee-based insurtech Zywave.
- Nearly a third of respondents (32.5%) to the survey said they weren’t aware of any add-on risk management services through their cyber insurance policy.
Businesses know they’ve got to invest in cyber insurance. Corporate networks worldwide saw a 30% increase in weekly attacks on corporate networks during Q2 2024 compared to Q2 2023, and a 25% rise compared to Q1 2024. Wider awareness of vulnerability has made cost less of a barrier for selling policies.