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Cyber insurance - Statistics & Facts

Cyber insurance has emerged as a response to growing number of data breaches worldwide and the extent of damage that they cause to businesses. Data breaches are perceived as one of the leading risks to businesses as, among other factors, they can have a huge influence on the company earnings. In the United States, the average cost of cyber crime amounted to 27.37 million U.S. dollars in 2018. It is not surprising, then, that companies have started to look for ways of protecting themselves against cyber threats.

European and American firms are increasingly viewing cyber insurance as a necessity. The share of companies with no awareness of this type of coverage is also falling, which suggests that this product is here to stay.

In the United States, 34 percent of companies owned a stand-alone cyber insurance policy in 2017. In a survey in that year, 44 percent of corporate clients said they had discussed their cyber insurance coverage with their insurance broker. However, this means that over half of the respondents hadn't done so, which may explain the coverage gap among companies in the United States. The main reason SMEs and large entities purchased cyber insurance was for risk transfer in 2018.

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Cyber insurance

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U.S. market

Coverage in the U.S.

Cyber crime

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