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The Economic Impact of Cyber Insurance with Cowbell Cyber

This report is an extension of the Driving Cybersecurity Performance research report published by ESI Thoughtlab in June 2020. The research highlights opportunities to close gaps on cyber insurance limits: there is a disparity between purchased coverage limits for cyber compared to estimated losses and expenses due to a cyberattack. 70% of SMEs have a cyber coverage limit lower than $1million and lower than total past or estimated future losses and expenses related to a cyberattack. Cyber insurance protects businesses from risks related to the use of information technology and the internet and typically includes first- party, third-party liability and cybercrime coverage. While cybersecurity helps prevent, detect and mitigate cyber incidents, cyber insurance accelerate the response and recovery process in the aftermath of a cyber incident.

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