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Cyber take-up to rise as SMEs get on board

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AM Best predicts demand for cyber insurance will increase as more businesses accept the threat is here to stay.

Cyber-insurance primary premium written grew 32% and inforce premium gained 24% last year.

“Cyber insurance offers plenty of opportunities for growth, especially among small and medium-sized companies,” the ratings agency says.

“In the short term, despite the inherent challenges in managing aggregations and pricing, we believe the cyber-insurance market presents a positive opportunity for insurers.

“Demand
is expected to grow due to the accelerating adoption of technology and the increasing awareness of cyber risks, especially among SMEs.”