The Council of Insurance Agents & Brokers released its second semi-annual Cyber Insurance Market Watch Survey this week. In the past six months, we found that trends in the market were largely consistent with results from the second and third quarters of 2015. While capacity is readily available in most sectors, high-target industries face a challenge in securing adequate limits. We added seven new questions to the survey this round in order to dig a little deeper into what motivates customers to purchase cyber insurance. Our findings show that while the primary motivation is risk transfer, many customers also value the risk management and incident response services that brokers and carriers provide. Another underlying theme shows brokers’ concern with the lack of a common cyber lexicon among the insurance industry, technical practitioners, boards of directors, regulators and other stakeholders – resulting in a troubling communication gap while working with clients and carriers. Click here to access the press release and executive summary.
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