Aon’s Cyber Captive Survey 2019 is designed to provide insights on current trends in cyber risk financing strategies that are being deployed by global organisations across all industries.
The rapid growth in the captive market of cyber-specific policies reiterates that cyber is one of the primary risks for organisations across the world driven by an increasingly complex operational, technological and regulatory environment.
In addition, it is widely acknowledged that the evolution of cyber threats has escalated in the political sphere with nation state backed entities launching persistent and scalable attacks for a variety of outcomes, resulting in material collateral damage for public and private enterprise.
Key findings include:
- The volume of captive premium growth for cyber risk has accelerated in the past year by +263%
- Cyber security incidents account for approximately USD$550 billion in economic loss per year
- Healthcare and energy industries are leading the way, with 19% and 15% of organisations in these industries utilising their captives for cyber coverage respectively
- 41% of captives surveyed are incubating cyber risk
- Increasing acknowledgement that cyber risk affects the business outside of incurring crisis and/or liability costs
- The range in limits of cover taken out is up to USD$100 million
- Estimated that 34% of all captives will be writing cyber in five years’ time
Aon’s Cyber Solutions offers holistic cyber security, risk and insurance management, investigative skills, and proprietary technologies to help clients uncover and quantify cyber risks, protect critical assets, and recover from cyber incidents.