Cyber Insurance Trends for 2024: Insights from Underwriters

New data from cyber insurance underwriters sheds light on the anticipated threats in 2024 and how organizations should respond. As these underwriters analyze risk data to determine insurance premiums and policies, their perspective provides valuable insights.

According to insurer Woodruff Sawyer’s Cyber Looking Ahead Guide 2024, there’s some good news and some bad news.

Let’s start with the challenging news: 100% of underwriters predict an increase in cyber risk, with over half of them expecting this increase to be significant. Ransomware is projected to be the top threat, and many organizations may not be adequately aware of these cyber risks.

Now for the positive side (sort of): Cyber insurance premiums are not expected to rise significantly. While 81% of underwriters foresee a slight increase, only 13% believe that cyber coverages will decrease. Essentially, organizations will maintain similar coverage levels without substantial cost escalation.

However, the critical question remains: How can organizations reduce reliance on insurance policies from the outset? Implementing strong security measures like multifactor authentication can help. Also, consider the need for security awareness training, which can help your people identify and prevent cyberattacks.

Remember, underwriters predict a surge in cyberattacks. Preventative actions, rather than relying solely on insurance, will be crucial. Yeo & Yeo Technology empowers your workforce to make informed security decisions daily, reducing human risk. Learn more about our cybersecurity solutions.

Information used in this article was provided by our partners at KnowBe4.