Cyber insurance: what is the role of the startups?

The market is growing and is worth 20 billion dollars. Insurance tools are used for the assessment of risk factors and technologies to enable new services. A favorable space for new technology companies

12 Jul 2016

Warning for IT security. According to Allianz Risk Barometer 2016, accidents in security come first in the ranking of the Company’s concerns and in particular of their leaders.

An article in Techcrunch analyzes the consequences of this alarm: there is a growing trend for cyber insurance (about 25% per year) and especially the market is far from being saturated.

Only 40% of the corporations, of the Fortune 500 list, has taken out insurance hedge against IT risks, and those who have it often did not have adequate and complete coverage. There are over 18,000 medium and large companies (turnover exceeding 250 million), from retail to manufacturing, which are going to require this type of insurance coverage.

According to the article, it is clear that there are forces (cyber risks) that are leading the rapid growth in insurance markets, despite its players (insurance carrier) are poorly evolved. A bit gullible, you might say, as these are not taking full advantage of this great opportunity.

There is a huge demand for cyber insurance, but the response of traditional providers is still not enough. The risk assessment in the field of information security is certainly very difficult to achieve and requires an analytical effort, logical, technological and even creative. If this effort is not done by traditional companies, it will be made by new players, as startups, many of which are specializing in providing business intelligence solutions to traditional Insurance Companies, enabling them to deploy new services. And not only.

Looms on the horizon a gold rush, where the traditional companies are the seekers, and startup are the sellers of shovels and sieves.

Read the full article by Techcrunch “Can startups disrupt the $20 billion cyber insurance market?”

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