AUGUST - 2023ENTERPRISE SECURITY| | 19Few areas of the insurance market get as much attention as cyber (Howden has just released its third cyber report in as many years). There are several reasons for this ­ the pervasive threat environment, its interactions with technology and geopolitics, the inherent unpredictability, the exciting growth potential, and, above all, its relevance to clients worldwide. Businesses in all regions continue to rank cyber as one of their most pre-eminent risks, a seemingly well-founded view considering the myriad of shocks companies and insurers have faced in the last three years alone, from rapid digitalization post-COVID (and the proliferation of attack surfaces) to rampant ransomware and the war in Ukraine.Little surprise then that cyber remains the fastest growing area of insurance by some distance. Annualized growth of 30 percent over the last ten years compares to the single-digit percentage range for the broader P&C commercial sector. Should current growth trends be maintained for the remainder of this decade, an ambitious but feasible scenario, given the high level of demand globally, and the cyber market could scale up to the size of other major P&C business lines by 2030.THE COMING OF AGE OF CYBER INSURANCEBy Shay Simkin, Global Head of Cyber, Howden Insurance BrokersCXO INSIGHTSShay Simkin
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