Cyber threats pose a more direct risk to businesses than ever before. Globally, cyber attacks rose 7 percent in the first quarter of 2023, and Cybersecurity Ventures predicts ransomware will cost victims $265 billion annually by 2031, with new attacks occurring every two seconds.
Executive Summary"The days of 25-page self-attestation reports manually analyzed by human underwriters are gone," writes Cyberwrite's Harmut Mai, expressing the view that carriers need data, AI, and automation to keep up with the evolving threat landscape. Mai believes that with AI to support underwriters, correlations within historical data that are usually invisible to the human mind are made visible.
It’s no wonder the cyber insurance market has exploded and is forecast to continue growing exponentially.
The market could swell to nearly $85 billion by 2030, according to Fortune Business Insights. Forget for a moment the gargantuan monetary valuation—how could this growth actually be achieved? The key to insurance of any kind is accurately assessing risk, and there simply aren’t enough well-trained and experienced underwriters of cyber risk on the planet to support such a boom.