The "Cyber Insurance Survey 2024," which is being conducted among more than 100 insurance experts, attempts to crystallize the direction of market change in the face of increased digital risks.

There is a clear consensus among respondents, as evidenced by the fact that 57% of them expect tighter underwriting guidelines in the upcoming year. This change emphasizes how essential it is for companies to strengthen their cyber defenses because insurance coverage now depends on having a strong risk management plan. In addition, a significant majority of respondents—80%—anticipate a rise in cyber hazards in the near future, which underscores the necessity for insurers to improve the way they assess and mitigate risk.

Additional research indicates that there is an urgent need for improved services that offer real-time data on cyber risks and that insurers and their clients should place a greater emphasis on interconnectivity. In order to strengthen cyber resilience, this necessitates an integrated framework where timely and actionable intelligence is at the forefront of industrial operations.

Andy Thomas, CEO and founder of KYND, offered insights on the changing market dynamics: "Being the fastest-growing insurance subsector, cyber insurance has an expanding attack surface, so it's critical for the industry to stay ahead of the curve in order to capitalize on this growing demand. The results of our most recent poll confirm that the sector is moving forward by assembling the knowledge, creativity, and collaborations required to successfully adjust to changes and promote long-term growth. In order to help the most well-known insurance companies in the world navigate this complicated environment, KYND will continue to set new standards for cyber risk management by consistently anticipating and meeting the needs of our partners. We do this by utilizing actionable cyber risk intelligence.

The results of this poll show not just how urgently improved risk management solutions are needed, but also how the insurance sector as a whole is moving toward more complex and predictive insurance frameworks. Being proactive is more important than ever for companies and insurers alike as the panorama of cyber risks expands.