European and American firms are increasingly viewing cyber insurance as a necessity. The share of companies with no awareness of this type of coverage is also falling, which suggests that this product is here to stay.
In the United States, 34 percent of companies owned a stand-alone cyber insurance policy in 2017. In a survey in that year, 44 percent of corporate clients said they had discussed their cyber insurance coverage with their insurance broker. However, this means that over half of the respondents hadn't done so, which may explain the coverage gap among companies in the United States. The main reason SMEs and large entities purchased cyber insurance was for risk transfer in 2018.