As the cyber insurance market continues to grow, it is only natural to discuss its place in the battle against cyberattacks, including ransomware, which has been a particularly prevalent topic in recent months.
Over the last several years, the cyber insurance market has rapidly expanded, and more companies now purchase cyber coverage than ever before. Close to 50 percent of respondents to Marsh and Microsoft’s recent 2019 Global Cyber Risk Perception Survey said they have cyber insurance, up from 34 percent in 2017. Amid that growth, most discussions of cyber insurance have highlighted its value as a risk mitigation tool and its ability to respond to fast-evolving cyber threats, including ransomware, according to Matthew McCabe, Senior Vice President and Assistant General Counsel for Cyber Policy at Guy Carpenter affiliate, Marsh.