Technological transformation and new work practices have also contributed to the growth of cyber attacks in different forms. Although, at the same time, Brazilian companies are more aware of the importance of investing in digital protection and technological solutions that curb threats.
According to CNseg data (National Confederation of Insurance Companies), the search for cyber insurance has increased 880% compared to the last five years. Yet, according to data from Trend Micro, global cybersecurity company, 161 billions of cyber attacks were blocked last year.
This represents growth in 10% in relation to 2022, meaning almost twice as much as the records of 2019 – 82 billions of attacks. While five years ago insurance revenue was R$ 20,7 million, em 2023 this value jumped to R$ 203,3, an increase in 17%.
Insurance is a service that seeks to mitigate the risks to which companies are exposed in the digital world. Like this, small and medium businesses (SMEs) are the biggest beneficiaries in this scenario. This group of companies tends to be more vulnerable to hacker attacks and the data proves this: em 2022, 62% of illicit cyber acts targeted SMEs.
Shielding and compensation coverage
This happens because many businesses do not have the necessary structure to shield threats and suspicious actions.. Furthermore, Not having data contract policies is a determining factor for small businesses.
Although, There are incidents that can cost millions and even cause the business to close. That's why, Brazilian insurance companies are creating specific products to meet the needs of this public, aiming to mitigate problems and assuming the risks of policies.
In addition to hacker access shielding strategies, cyber insurance lines offer coverage in cases of data theft and cyber extortion, applying fines and compensation in cases of violations and interruptions of services provided.
More than 10 insurance companies on the market
Not Brazil, the first cyber insurance was commercialized in 2012, aimed at legal entities. Naturally, nowadays, The demand for this type of solution remains greater among organizations rather than individuals.
To serve this audience, Brazilians currently have 14 active insurance companies. According to João Fontes, mmember of the FenSeg financial lines subcommittee (National General Insurance Federation), there is 5 years existed 10 active insurers, which demonstrates an expansion of the market.
Among the prominent insurers for SMEs are BS2, Gallagher Brasil and Latú. And BS2, for example, projects an increase of approximately 10% until the end of the year. Gallagher pointed to growth between 20% e 30% in cyber insurance quotes.
