In its recent survey, Global reinsurer Munich Re highlights the evolving cyber threats of companies and the persisting protection gap, necessitating the need for sufficient cyber insurance solutions to mitigate risks effectively.
With a surge in cyber attacks globally, particularly ransomware and data theft, managers have rising concerns regarding their organisations’ preparedness against digital threats.
Munich Re notes, “87% of all C-Level respondents report that their company is not adequately protected against cyber-attacks.”
It’s estimated that global cyber insurance premiums total around $14 billion in 2023, with projections surging to $29 billion by 2027.
The survey reveals a growing interest by companies in leveraging insurance solutions to mitigate cyber risks, with 41% of decision-makers considering cyber insurance.
To conclude, Munich Re states, “As digital transformation continues to reshape global industries, the need for robust cyber security measures and insurance protection cannot be overstated.
“The findings of the Global Cyber Risk and Insurance Survey serve as a wake-up call for organisations to prioritise cyber resilience and adopt comprehensive insurance solutions to safeguard against evolving threats.”
