Cybersecurity is a growing concern for businesses of all sizes. Cybercrime is considered a huge emerging threat and leaders are now beginning to acknowledge the growing importance of the issue. A sound cyber insurance market has its role to play and is expected to grow exponentially, almost doubling in size in the next five years.
However, despite being one of the fastest-growing markets over the last decade, significant challenges remain. With cybersecurity attacks surging, premiums continue to increase, capacity is being reduced, and coverage restricted. As the market needs to find a balance between buyers’ demand for affordable cyber cover and insurers protecting themselves from systemic losses, what steps can the industry take to create a sustainable and affordable market for all?
The Cyber Risk and Insurance Innovation Europe conference, to be held in London on February 7, 2023 will address a plethora of issues affecting policyholders, re/insurers, brokers, MGAs, industry bodies and solution providers. This annual event, hosted by Intelligent Insurer, will bring together all the stakeholders for a productive discussion on the major concerns including cybersecurity risk assessment, underwriting challenges, growth opportunities and market cooperation.