The long-awaited Betterley report has been released in its entirety, providing brokers and carriers a detailed account of cyber products currently on the market. The report specifies that cyber coverage is currently offered by 31 carriers, an increase from 28 carriers in 2014. The report also estimates cyber insurance sales have increased from $2 billion in 2014 to $2.75 billion in 2015.
Despite the apparent growth of the cyber insurance marketplace, many companies in the “health care operations and extensive retail” space are having a difficult time finding suitable coverage at a reasonable price. Strict cyber security measures required to qualify for coverage and high premium costs have made cyber coverage too costly for many firms to justify investing in.