Intelligent Insurer's Cyber Insurance Survey

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* 1. Which best describes your role?

Underwriting

Claims/Incident Response

Broking

Actuarial/Pricing

Legal

Risk Manager

Technology provider

Managing General Agent

Other (please specify)

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* 2. As it stands, the cyber insurance market is not sustainable

Agree

Disagree

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* 3. Due to the threat of systemic risk, cyber risk is becoming uninsurable

Agree

Disagree

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* 4. How well do you understand the level of systemic risk in your book

Very well

Fairly well

Not Very well

Not at all

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* 5. Of all the lines of business, cyber is undergoing the most rapid evolution

Agree

Disagree

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* 6. Incumbents are struggling to compete with new entrants

Agree

Disagree

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* 7. Insureds overall have satisfactory cyber defence tools already in place

Agree

Disagree

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* 8. The biggest challenges facing the cyber insurance market are... (pick your top 3)

Systemic risk

A lack of data for pricing

Market education/Keeping track of evolving cyber threats

Monitoring ongoing risk

Rising premiums

Lack of capacity, hard to place risks, and a reduction in coverage for insureds

The broker/underwriter relationship

Ransomware

Increased regulatory oversight

Lack of government collaboration

Changing underwriting appetite/requirements

Analysing dependency risk in relation to third parties, eg, supply chain

Policy wording

Legal concerns around data/privacy

Talent

Other (please specify)

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* 9. In your organisation do you anticipate hiring more cyber professionals in 2023?

Yes

Don’t know

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* 10. Where do you foresee the biggest growth in cyber insurance?

Specialty

Large corporate

Middle market

Small business/SME

Personal lines

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* 11. What are the biggest technologies that are impacting the cyber insurance space?

Multifactor authentication (MFA)

Next-generation antivirus (NGAV)

Endpoint detection and response (EDR)

Artificial intelligence (AI)

Other (please specify)

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* 12. Which cyber threats are driving the biggest losses?

Ransomware

Malware

Business email compromise

Phishing attacks

Other (please specify)

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* 13. What percentage of applicants have been able to meet the eligibility criteria imposed by insurers

80%-100%

60%-80%

40%-60%

20-40%

<20%

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* 14. Which type of clients are most vulnerable to cyber-attacks?

Financial Services

Education

Healthcare/Pharma

Municipalities/Local Government

Retail

Automotive

Manufacturing

Critical Infrastructure/Utilities

Aerospace

Hospitality/Tourism

Technology providers

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* 15. Which risk mitigation measures/risk engineering services are most important for increasing cyber resilience?

Basic security hygiene

Vulnerability scans

Employee education

Incident response plans

Other (please specify)

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* 16. Who is best placed to deliver risk mitigation/risk engineering services to insureds?

Brokers

Brokers and underwriters in partnership

Incumbents partnering with new entrants who are further ahead with this

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* 17. How likely are you to use an external risk mitigation/engineering service to support your services?

Very likely

Likely

Unlikely

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* 18. Which carriers, brokers and technology companies are leading the way when it comes to cyber?

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* 19. What is most likely to improve the profitability of cyber insurance?

Real time data feeds for underwriting

Risk engineering services for insureds

Access to alternative capital

Other (please specify)

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* 20. Which cyber risk vendors/technology companies are you working with to facilitate cyber insurance?

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* 21. To receive the results of the survey, enter your email below

Name

Email Address

Thank you for completing the Intelligent Insurer’s Annual Cyber Survey 2023.

We’ll send you the result of the survey in the next few weeks!