COVID-19 has highlighted the challenges and risks faced by those in the cyber insurance market. The social distancing measures implemented have resulted in many businesses transitioning to a remote working approach, which has the potential to increase their exposure to cyber risks. However, despite the changing risk landscape, there is still a considerable opportunity to grow the market.

GlobalData’s 2019 UK SME Insurance Survey indicates that only 18.8% of SMEs held a standalone cyber insurance policy. With SMEs accounting for over 90% of the total number of businesses in the UK, there is clearly considerable potential to grow the market, and the new-found reliance on remote working among many businesses will create the opportunity to accelerate this growth.

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Despite the opportunity to increase the uptake of cyber insurance following the sudden growth in remote working and increased reliance on technology, there has also been a considerable increase in the risks faced by insurers, as employees’ systems are now spread out across more locations and networks with different security levels. This increased risk has now been incorporated into Aon’s automated cyber self-assessment tool, CyQu, which takes into consideration remote working when determining a business’ CyQu Score.

The increased cyber risks that remote working brings to the market will undoubtedly be a deterrent for new cyber insurance entrants. Yet, for those that are willing and able to mitigate the increased level of risk, the demand for cyber insurance has the potential to be greater than ever, with remote working practices expected to be in place for a while – and some potentially becoming permanent – as businesses begin to adapt to a new normal.

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