What CyberPolicy’s 2018 Growth Reveals About The SMB Cyber Insurance Market Today
CyberPolicyTM, the world’s first online cyber insurance marketplace, today released new data highlighting notable cyber trends.
“Three years ago, small and medium businesses (SMBs) didn’t know about cyber insurance. As shoppers hear about it and learn about it, they need an easy, affordable way to obtain it from a trusted source. We’re doing just that, and it is reflected in our 900 percent year-over-year growth,” says Keith Moore, CEO and founder of CyberPolicy.
As more SMBs are researching and buying cyber insurance online, CyberPolicy has identified the following key insights from the first half of 2018:
- 80 percent of businesses that purchase cyber insurance are first time cyber shoppers.
- 85 percent of CyberPolicy’s online shoppers have less than 25 employees.
- 30 percent of CoverHound’s (CyberPolicy’s parent company) commercial insurance shoppers purchased cyber coverage compared to just 12 percent one year ago.
- The average premium for $1 million of cyber coverage has dropped by 50 percent – from an average of $64 per month in 2016 to $32 per month today.
- 90 percent of businesses purchase policies with coverage limits between $1 million and $5 million, making traditional low limit policies and endorsements insufficient.
“Companies of all sizes are realizing the devastating impact a cyberattack could have on their ecosystem. As a result, more than 80 percent of SMBs purchasing cyber insurance are contractually required to do so,” states Moore. “The mass adoption of cyber insurance is a key component for businesses to be fully protected, which explains why cyber insurance is the fastest growing insurance product in the market.”
In 2016, CyberPolicy became the world’s first marketplace to help small businesses compare, quote, and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its cyber insurance offerings to cover 98 percent of small business types with up to $250 million in revenue. CyberPolicy partners with market leaders including Chubb, Hiscox, UpGuard, SecurityScorecard and others to develop extensive bundled cybersecurity offerings to help small businesses “Plan. Prevent. Insure.” against cyberattacks. CyberPolicy is a wholly‐owned subsidiary of CoverHound Inc.