The balance between risk management and cyber insurance

Despite increasing investment, the cyber insurance sector is yet to fully mature. While once seen as a universal safety blanket, coverage has dropped due to the increased number of successful cyber attacks, causing a 54% rise in cyber insurance prices in 2022. GlobalData estimates the cyber insurance market will be worth over $20 billion annually by 2025. However, as the risk landscape evolves and companies face daily threats, they must consider the interplay of people, process, technology, and cyber insurance to effectively manage risk.