The French insurance market is still struggling to find the right balance to cover cyber risks, in a context of increasing attacks against which still too few organizations are insured, estimates a study unveiled Wednesday.
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"
In an economy which is digitalising rapidly, (...) companies and public authorities have not taken the measure of the danger while hackers are gaining expertise
" and are now attacking "
all activities
" , notes this study published by the Association for Risk Management and Business Insurance (Amrae).
Less protected SMEs and public authorities
This first study, which is intended to be updated every year, was carried out between January 21 and February 19 with eight major brokers specializing in corporate risk: AON, Diot, Filhet Allard, Marsh, Siaci saint Honoré, Verlingue , Verspieren, Gras Savoye-Willis Towers Watson. According to the study, while 87% of large companies have taken out insurance against cyber risks, medium-sized companies (ETIs), SMEs and public authorities are less often protected. For example, only 8% of ETIs are insured against this type of threat, it is detailed. But even in large companies, which are generally better insured, the level of exposure to cyber risk is often underestimated, the study continues.stressing that the guarantees subscribed remain mostly lower than the financial impact that a cyber attack could have.
Attacks on the rise
In fact, attacks have been increasing for several years, both in volume and intensity: the overall amount of compensation paid has tripled between 2019 and 2020, from 73 million euros to 217 million, according to the figures. of the Amrae.
At the same time, "
the insurance industry is struggling to find the economic balance of cyber guarantees: after a race to underwrite, insurers are marking time in front of the scale of the risk to be covered
" and are increasingly reluctant to cover this type of threat, the cost of which remains difficult to quantify precisely, it is added.
"
The cyber insurance market will only consolidate if the number of policyholders increases enough to create the conditions for pooling. But the equation is difficult: how to attract more policyholders when contribution rates and the level of deductibles increase even as limits decrease and guarantees decrease?
», Asks the Amrae again.
