Businesses and government agencies are on full alert when it comes to cyberattacks, especially when there are spill-over risks that can affect them in a dramatic way as non-primary targets. Security vendor SonicWall showed that corporate IT teams handled 623 million ransomware attacks in 2021.12 As this widespread and heightened risk of cybersecurity threats and data breaches increases, it’s important to put a careful lens and focus on industries such as financial services and utilities.
There’s an opportunity to provide consumers in these key industries with protection during an unforeseen event that could ultimately affect computer systems across the globe, costing billions of dollars in potential damage. The average cost to an organization for a breach in 2021 went up to USD $4.2 million. If the business used wide-scale remote work, the average was $1 million more. Insurers need to be proactive and predictive to lower their exposure.13
A key risk management tool to educate your consumers about is cyber insurance, a market that is poised for exponential growth. The global cyber insurance market size was USD $6.1 billion in 2020. The market is projected to grow from $7.6 billion in 2021 to $36.8 billion in 2028 at a CAGR of 25.3% in the 2021–2028 period.14
Brands have an opportunity to provide added value to consumers within cyber insurance by educating them on ways to protect their technology and infrastructure. This will keep the insured more protected and know they have partnered with an insurance provider that has their best interest at the forefront.
12 - Fitch Ratings, “Russia/Ukraine War increases spillover risks of global cyberattacks,” fitchratings.com.
13 - IBM, “Cost of a data breach report,” ibm.com.
14 - Fortune Business Insights, “Cyber insurance market to register stunning CAGR 25% during 2021-2028,” fortunebusinessinsights.com.