The insurance industry is no stranger to evolution. As society shifts, insurance professionals adapt to meet the needs of the industries and people they serve, and cyber is a perfect modern-day example of this phenomenon.
The original iteration of cyber insurance that hit the market in the late 1990s is vastly different from the policies and coverage insureds need to safeguard their businesses and personal information today. From increasingly sophisticated cyber-crimes to more sensitive information being stored online and inconsistent regulatory developments across jurisdictions, insureds require an insurance agent who can address the entirety of their cyber risks.
2025 Trends in Cyber
While insurance is a business of prediction and prevention, the cyber market is a particularly difficult beast. The increased frequency of cyber-crime and emerging criminal strategies creates new challenges for the cyber market daily.
In 2024, the FBI released their Annual Internet Crime Report, revealing nearly 860,000 complaints and over $16 billion reported losses, an increase of 33% over 2023.
It’s clear that cyber crime shows no sign of slowing and insureds need comprehensive coverage that not only addresses direct losses from a breach, but the potential of third-party lawsuits and business interruption costs due to a cyber event.
Read the full article, written by Brendan Mulcahy, SIAA’s Senior Vice President, Programs and Services, published October 17, 2025, in The Standard. Reprinted with permission from The Standard, Copyright 2025, Standard Publishing Corporation, Boston, MA. All rights reserved.