As ransomware, social engineering, and AI-driven deception reshape the threat landscape, cyberinsurance brokers are under pressure to deliver more than just policies – they need partners who can respond in real time and keep pace with emerging risks.
Global cybercrime costs hit $8 trillion in 2023 and are projected to grow to $10.5 trillion by 2025, according to Cybersecurity Ventures.
Yet many traditional carriers still lag, offering outdated coverage and little clarity on emerging threats, let alone education that resonates with brokers or their clients.
The future could get even more complicated. Deepfake technology is an emerging threat that has yet to be properly quantified.
What brokers really need are cyber-focused MGAs or Managing General Agents, a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer.