The number of firms offering cyber insurance is diminishing, despite demand rising sharply. Direct cyber insurance premiums swelled to $2bn in 2018, up 26 percent from 2015, according to Moody's Investors Service. However, a number of insurers are reconsidering their offerings due to the unpredictable and potentially expensive nature of the market. For some, the difficulty is too great in gathering information and developing risk models relating to cyber attacks that could be carried out by state actors, such as the 2017 NotPetya incident that caused $10bn in damages, according to the White House.
The number of firms offering cyber insurance is diminishing, despite demand rising sharply. Direct cyber insurance premiums swelled to $2bn in 2018, up 26% from 2015, according to Moody's Investors Service. However, a number of insurers are reconsidering their offerings due to the unpredictable and potentially expensive nature of the market. For some, the difficulty is too great in gathering information and developing risk models relating to cyber attacks that could be carried out by state actors, such as the 2017 NotPetya incident that caused $10bn in damages, according to the White House.