A recent report by Swiss RE claims that 90% of cyber risks remain uninsured. Read the report to gain insight into why the total costs of handling a cyber incident for SMEs are three times more than for large corporations.
What percentage of cyber risk is uninsured?
A staggering 90% of cyber risks remain uninsured, highlighting a significant gap in coverage.
Why are SMEs particularly vulnerable to cyberattacks?
SMEs are especially vulnerable due to their low defense capacity and the fact that most are uninsured or significantly underinsured for cyber risks. The costs of handling a cyber incident for SMEs can be three times higher, relatively speaking, than for larger corporations.
How is the cyber insurance market evolving?
The cyber insurance market is experiencing growth, with global premiums estimated at $10 billion last year and a projected annual growth rate of 20% through 2025, potentially reaching $23 billion. However, premiums still represent only a fraction of annual losses due to insurability limitations.
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