Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Cyber Insurance Market to triple in wake of Recent Cyber Breaches, as explained by David Barton of Forcepoint

Cyber Insurance Market to triple in wake of Recent Cyber Breaches
Cyber Insurance Market to triple in wake of Recent Cyber Breaches

2015 was a banner year for breaches.  We saw some very high profile hacks impact and disrupt organizations all over the globe.  From Ashley Madison to 78m records taken from Anthem, the breaches started early in 2015 and continued throughout the year. 

Even the US government was not immune as the Office of Personal Management (OPM) was hacked with about 18m very sensitive records being taken.  Those records included Social Security Numbers, addresses, security clearance information, and more.  If history is any indicator of future activities, we can expect the volume and frequency of hacks to continue in 2016.

As the threat continues to grow around data breaches, cyber insurance adoption also continues to grow. 

According to a survey in 2015, 85% of US companies with more than 100m in revenue had cyber or data privacy insurance, primarily to protect them against financial loss. 

Of those with insurance, 44% have filed a claim as a result of a breach.  I am surprised only 85% had some form of insurance and expect that number to grow in 2016. 

Last year the cyber insurance industry took in 2.5b in premiums, up from 2b in 2014.  According to PWC, the cyber insurance market is set to triple in the next few years and will reach $7.5 billion by 2020.

The biggest challenge most companies will face regarding cyber insurance is the rapidly maturing underwriters of cyber insurance. 

Insurance companies are starting to improve their actuarial tables associated with cyber insurance.  This will allow them to ask better questions and ultimately require insured companies to produce artifacts that prove or disprove those questions.  I believe this will ultimately lead to regulatory requirements similar to HIPPA, ISO27001, or PCI in the insurance industry. 

Recently a group of insurers led by Lloyds of London published the Cyber Exposure Data Schema.  Their intent is to create open standards for how the industry shares data about cyber risk, estimates losses, and to establish common language and categories that cut across the industry. 

Ultimately, a company’s adherence to those standards will determine how much their premiums are.  I believe this will lead to a perspective of “the better my information security protections are, the lower my costs for cyber insurance.”

I also believe we will start to see insurance companies demand and require board level visibility to internal security practices if those companies want cyber insurance policies. 

No longer will a company’s board of directors get to “put their head in the sand” with regards to data protection within the company they lead. 

Insurance companies will expect and require proof of board level governance and awareness to all types of financial risk including cyber. 

Currently, the US dominates the acquisition of cyber insurance policies compared to other countries, primarily driven by regulations aimed at protecting PII (personally identifiable information). 

Pending negotiations in the EU related to the implementation of new data protection regulations will drive increased adoption of cyber insurance outside the US.  I believe we will see this adoption across the globe.

Cyber insurance is no longer a fledgling product.  It is maturing, growing, and expanding worldwide.  Companies need to be prepared for regulations, more stringent requirements, and more board level visibility. 

Our data is valuable and the bad guys want it.  Insuring our companies against the financial loss associated with those activities is a must, as it’s not a matter of if you face a breach, but when.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit