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Howden's 2024 cyber insurance report

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Howden's 2024 Cyber Insurance Report Reveals Heightened Threat Landscape and Stable Market Conditions

In the latest report from Howden, the cyber insurance market is experiencing a unique mix of conditions, with a heightened threat landscape and stable insurance market. The last year has seen a resurgence in ransomware activity, geopolitical instability, and the proliferation of generative artificial intelligence (Gen AI). This presents an opportunity for clients to secure protection at favorable terms, and for insurers to lean into a class with potential for steady growth and ongoing profitability.

Ransomware attacks continue to dominate the cyber loss environment, with a rising number of attacks involving the theft of sensitive data for extortion purposes. Geopolitical instability has added to the uncertainty, with cybercrime groups often operating independently but still interlinked with state backing. The report also highlights the rise of Gen AI, which is expected to reshape the threat landscape in the coming years.

The report emphasizes the importance of cyber insurance in strengthening resilience and bringing about real change. Howden is leading efforts to improve access to underserved areas in the market, with a focus on innovation and expertise to deliver pioneering solutions.

Overall, the report underscores the need for increased insurance penetration to achieve resilience and relevance in the face of evolving cyber threats.