It would appear business executives are finally getting the message when it comes to appreciating the risks associated with cybersecurity. The cyber insurance market is booming. A report from CyberPolicy, an online cyber insurance marketplace, finds the number of cyber insurance policies being taken out increased on average 69 percent per quarter over the last year.'Nearly half (46%) of SMBs cited contractual requirements as being the main reason for buying cyber insurance.' ~@MVizardClick To Tweet
The primary drivers of that growth are two-fold. The first is the price of cyber insurance is falling as more customers seek it. The CyberPolicy report finds that in April of 2017, the average monthly premium for a $1 million limit policy was $271 per month. In June 2018, the same $1 million policy limit, but with more comprehensive coverage, went for only $77 per month. The report also notes first-time cyber insurance shoppers are on the rise among SMB owners, experiencing a quarterly growth of 34 percent over the last year. CyberPolicy customers are also requesting higher insurance limits, with 90 percent of small-to-medium businesses (SMBs) purchasing policies with coverage limits between $1 and $5 million.
Mike Vizard has covered IT for more than 25 years, and has edited or contributed to a number of tech publications including InfoWorld, eWeek, CRN, Baseline, ComputerWorld, TMCNet and Digital Review. He currently blogs for IT Business Edge and contributes to CIOinsight, The Channel Insider, Programmableweb and Slashdot. Mike also blogs about emerging cloud technology for SmarterMSP.