April 09, 2024 News 4 min read

PRESS RELEASE: KYND and Intelligent Insurer survey delves into key insights shaping the dynamic US cyber insurance market


Cyber Insurance USA Survey 2024

KYND Limited, a leader in cyber risk management, today shared the results of the Cyber Insurance Survey 2024, developed in collaboration with Intelligent Insurer, a premier publication serving the global insurance and reinsurance markets. Intended to provide empirical responses to the future of the market’s development, over 100 insurers and brokers participated in the study to help gain a better understanding of the challenges and opportunities within the US cyber insurance market currently.

One of the findings of the survey is that a majority (57%) of respondents agreed that the underwriting standards will increase over the next year; it’s therefore never been more important for businesses to make sure their digital assets are safeguarded from an evolving landscape of cyber threats, through cyber risk management and mitigation strategies. This will result in not only a healthier cyber risk profile, but a better chance of being accepted for cyber insurance which has become essential for businesses, something reinforced by the vast majority of respondents (80%) agreeing that cyber risk will increase over the next year. Furthermore, many further respondents highlighted the need for proactive risk management services, real time exposure visibility and insights, and improved communication and collaboration between insurers and insureds.

It’s clear from the survey’s results that US insurance professionals are increasingly seeking to enhance their advisory capabilities and overcome the market’s ever-evolving set of unique challenges as it grows steadily; this means that adaptive and proactive cyber risk management strategy is needed. The survey also reveals that the primary challenge facing insurers is the lack of accurate, real-time cyber exposure insight – therefore advanced and actionable data in order to strengthen cyber resilience and maintain sustainable underwriting practices. By leveraging cutting-edge cyber risk management technology and more concrete, data-driven insights, insurers can more effectively assess and manage cyber risk across their portfolio of businesses as they navigate the evolving cyber landscape.

Andy Thomas, KYND’s CEO and Founder, commented: “With cyber insurance being the fastest-growing insurance subsector, the expanding attack surface means that staying ahead of the curve has never been more important for the industry to capitalise on increasing demand. Our latest survey findings reaffirm that the industry is progressing in the right direction by bringing together the expertise, innovation, and partnerships needed to successfully adapt to changes and foster and sustainable growth. Working with the world’s most prominent insurance players in navigating this complex landscape with the help of actionable cyber risk intelligence, at KYND we’ll continue setting a new precedent in cyber risk management as part of this transformation, continuously anticipating and responding to our partners’ needs, helping them thrive in shifting market conditions.”

To read the full report, visit here. And to learn more about KYND’s cutting-edge cyber risk management technology and services, visit https://www.kynd.io/.

About KYND

KYND is on a mission to make complex cyber risks easy to understand and manage. KYND’s next-generation technology makes assessing, understanding, and managing cyber risks easier and quicker than ever before and is used by insurers, brokers, and their clients. Recognising one size doesn’t fit all, KYND has designed made-to-measure InsurTech products that work for any size business, from any industry, anywhere in the world.

KYND’s unparalleled cyber-risk management tools not only enable accelerated sales of cyber policies, speed up renewal and help control client risk, but also support better underwriting decisions by removing complexity, providing instant insight into cyber risk profile, while reducing the insured’s risk exposure with continuous monitoring and alerts.

For more information about KYND, visit: https://www.kynd.io/

For press enquiries, contact: press@kynd.io

● Follow KYND on LinkedIn @KYNDCyber

● Follow KYND on Twitter @KYNDcyber

About Intelligent Insurer

Intelligent Insurer provides coverage of the leading re/insurance events taking place across the world. These include the Monte Carlo Rendezvous, Baden-Baden Reinsurance meeting, APCIA, SIRC and FIDES. You can access previous daily newsletters from these events.

Intelligent Insurer is essential reading for buyers, capital providers and brokers of reinsurance and wholesale insurance. Our readers include senior executives at insurers, reinsurers, brokers and their advisors, who are responsible for driving the market forward through their innovation and experience. Intelligent Insurer is published by Newton Media Limited. For more information about Intelligent Insurer, visit: https://www.intelligentinsurer.com/

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