In an era where businesses are increasingly digital, cyber threats loom larger than ever. Yet, the insurance industry seems to be lagging, with only 35% of businesses possessing cyber insurance. The global cyber insurance market, valued at $10.2 billion in 2022, is projected to grow to a staggering $28.2 billion by 2027. Despite this growth, a significant gap remains. This gap represents businesses left vulnerable to potentially catastrophic losses from cyber threats. The solution? Brokers.
Brokers stand as the gatekeepers of the insurance industry. They connect businesses with insurers, translating complex risk scenarios into comprehensible insurance options. However, with the evolving nature of cyber risk, brokers need to be equipped with the right tools and insights to guide their clients effectively.
This is where SecondSight comes in. We’re committed to empowering brokers to meet this challenge head-on. Our AI-powered platform, designed with brokers in mind, provides the tools and insights necessary to navigate the complexities of the cyber insurance market.
One of the critical features of our platform is the capability to analyze controls on each digital asset and the risks that exist inside each of them. This granularity enables brokers and their clients to understand risk concentrations better, anticipate the potential impact of a breach, and create more effective risk mitigation strategies. For the first time, you can answer a question like “What is the biggest loss if one digital asset like Office 365 goes down?”
By reducing the time it takes to identify and contain a breach – currently, a concerning 206 days on average – businesses can significantly minimize the costs and fallout from cyber incidents.
But our ambitions don’t stop at merely enhancing broker capabilities. We are driven by a vision of inclusivity – where cyber insurance is accessible to all businesses, regardless of size or budget. To realize this, we’re reshaping the insurance distribution landscape. By equipping brokers with advanced tools and insights, we can democratize access to cyber insurance, ensuring more businesses than ever can safeguard their digital assets and their futures.
In the growing cyber insurance market, brokers are integral to closing the protection gap. SecondSight is here to provide them with the tools and support they need to fulfill this role effectively. As we look to the future, we’re confident that our technology and approach will help usher in a new era of cyber insurance – one where businesses are better protected, and where the value of a good broker is more evident than ever.