One of the major factors resulting in the growing adoption of cyber insurance across different industries is the supply chain cyber risk. The impact on an organization or enterprise is quite huge if the sensitive data of supply chain is breached. The loss of consumer confidence, drop in stock price, business experience financial penalties, and legal cost are some risks faced by businesses due to supply chain breach.

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Hence, in order to deal with this problem, cyber insurers have developed several ways for combating supply chain risks by adapting to the changing environment through supply chain risk management services. This includes several risks involved in supply chain that are constantly assessed and managed timely. 

The increase in denial of service (DoS) attacks is a key trend that is being observed in the cyber insurance market. The victims of these attacks range from major financial institutions to individuals attempting to access their personal email. Considerable damage has been caused by these attacks, in terms of revenue loss.

Cyber insurers aid businesses in reducing the risk of such attacks by monitoring the global threat landscape and understanding the latest trends in the DoS attacks. Coverage for business interruptions, extra expense, and contingent interruptions losses, such as loss due to network host or cloud provider, is provided by first-party cyber insurance policies.

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Since the past few years, a rapid increase in criminalization of the internet has been tracked by cyber analysts. Factors such as commercialization, globalization of cybercrime, and interconnectivity are driving the frequency and severity of cyber incidents. In addition to this, individual cyber criminals are uniting into international groups for strengthening the impact of their attacks on critical and sensitive business data.

A cyber-attack can cause huge financial loss, business continuity failure, and corporate embarrassment to individual companies as well as government organizations. High profile computer breaches, including hack of Twitter and Democratic National Committee, are resulting in the growing need for insurance and protection against cyber threats.