Friday 18 August 2023 - Thought Leadership

2023 Cyber Report

By Cyber & Professional Lines Group cyber report

Over the past three years the cyber insurance market has experienced both unprece-dented growth and substantial changes to its underwriting approach in an effort to respond to the changing cyber threat landscape. While some may have hoped that the drop in ransomware and decelerating rate increases were a sign of market stabilization in 2022, cyber-attacks are once again back in the headlines in a big way. This year could set a new record for financially motivated cyber-attacks, with several widespread cyber events adding to mounting attritional cyber losses. The increase in cyber losses comes at a time when the cyber insurance market’s apparent return to profitability coincides with the emergence of softening market conditions. It could, once again, find itself at an inflection point if the current trends continue.

Cyber risk is unpredictable in nature and continues to deliver new challenges to insurers. In this report we will delve into the insurance cyber market’s performance throughout the past couple of years, offering an overview of noteworthy cyber loss trends, placing special emphasis on ransomware. 

Click here to read the full report