Cyber Insurance Blog

Predictions for Cyber in 2020

Predictions for Cyber in 2020

As we move into a new decade, our daily lives are rapidly changing with the advancement of technology and our dependence on it. Although it’s difficult to be sure about anything, in the cyber world, the only aspect we can be sure of is that cyber crime will continue to wreak havoc. All businesses, organizations, individuals, and even government entities are more susceptible to these growing threats than ever.

We can expect major shifts in all things cyber, from threats to policy to cyber security technology. Even the year 2020 alone presents new opportunities for scammers.

If your clients are concerned, they should be. But we’re here to help! ProWriters has streamlined the process of buying and selling cyber insurance with our Cyber IQ Comparative Rate Portal to make your job even easier. You can compare multiple quotes from multiple carriers to find your clients the best possible coverage as head into 2020. They’ll rest assured knowing they’re covered as threats continue to grow and evolve.

What Do We Anticipate in 2020?

Here, we’ll discuss our predictions on all things cyber as we move into 2020, including the growing risks, cyber targets, the volatile cyber market, and possible regulation changes.

The Risk: Cyber Crime Will Continue Rising

In 2020, we can expect more breaches, period. While we can anticipate new technology to improve cyber security, in the meantime, hackers are rapidly finding creative ways to infiltrate network security.

Close up of hands typing on a black keyboard in the reflection of a computer screen that reads “Data Protection.”Here’s a number of attacks that will continue to be a serious threat:

  • Deepfakes
    These attacks utilize technology to produce videos that have been manipulated and appear so realistic many people can’t tell they’re not real. These will become more and more sophisticated.
  • Cloud-Based Attacks
    We can likely expect a major cloud breach related to default settings and misconfigurations that will affect many clients at once.
  • Ransomware
    While these attacks have been around for some time, they’re not slowing down anytime soon. Ransomware attacks, including social engineering attacks, will continue to grow in both frequency & severity.

In addition to these known threats, emerging technologies will pose more challenges. The commercialization of artificial intelligence (AI) will be utilized more and more in both the cyber security and cyber insurance industry, as well as impersonation attempts by hackers. Overall, hack techniques will continue to evolve, leaving nearly every industry at risk of an attack.

In addition, the victims that hackers target may greatly impact the average person. Critical infrastructure, such as utilities, could be impacted and elections will continue to be a major concern.

The Market: Turbulence & Confusion

With more and more small businesses purchasing cyber policies, the rate of reported claims will increase. While organizations may have left cyber attacks unreported while they were uninsured, with a cyber policy in effect these will be documented and premiums across the board will rise.

Within the cyber insurance industry, there will continue to be confusion. Service providers will be offering insurance and insurance providers will also be offering services and a number of coverage questions will remain.

The Regulations: Will Individual States Get Involved?

Is 2020 the year the United States passes a federal regulation similar to the General Data Protection Regulation (GDPR)? Or the California Consumer Privacy Act (CCPA)? It’s too soon to tell, but we may continue to see individual states within the U.S. take this matter into their own hands rather than waiting on Congress, just as California did, and pass their own updates and possible regulations.

 

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What Can You Do?

If there’s anything we can be sure about when we move into 2020, it’s how serious cyber attacks have become and will remain. Today, the best and most cost-effective way to protect your clients from a cyber threat is through a cyber liability policy.

A cyber liability policy offers protection from both first and third-party threats, in addition to multimedia coverage, cyber extortion coverage, cyber business interruption coverage, and more. Without this coverage, the costs of a cyber attack can be devastating.

Talk to the Experts, With ProWriters

ProWriters has simplified and streamlined the process of comparing and buying cyber insurance to make your job easier. With our Cyber IQ Comparative Rate Portal, you can instantly compare multiple quotes from multiple carriers to find your clients the best possible coverage available. They’ll rest assured, knowing they’re covered in the event of an attack.

In addition, we offer a wide variety of FREE, downloadable resources for brokers. Check out our latest addition, The Six-Step Guide to Becoming Your Client’s Cyber Security Expert, to learn more about the cyber industry so you can best serve your clients.

To get started, contact us or talk to a ProWriters expert today at 484-321-2335.

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