New training platform launched to address low cyber policy penetration rates

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December 2024 - The cyber insurance market, projected to grow at an annual rate of 15-20%, faces a significant challenge: low penetration rates. Despite a forecasted global premium valuation of USD 16.6 billion by 2025, only 10% of SMEs-who make up 70% of ransomware victims-currently hold cyber insurance policies. Additionally, 28% of potential policyholders are never offered coverage, leaving billions in untapped revenue.

This issue is compounded by a worsening threat landscape. AI-powered cyberattacks are becoming more sophisticated, while misuse of AI is driving accidental data breaches. With 60% of small businesses failing within six months of a major attack, addressing the cyber protection gap has become more urgent than ever.

Recognizing this immense need, the Cyber Insurance Academy, a leading provider of insurance education, has launched a first-of-its-kind continuing education platform to address the challenge at the heart of this problem: the knowledge gap among insurance professionals.

This innovative platform combines globally accredited, expert-led courses with practical tools, empowering brokers, underwriters, and claims professionals to engage confidently in cyber insurance conversations. It equips them to demystify cyber risks for both themselves and their insureds, helping unlock untapped markets like SMEs and driving sustainable industry growth.

Guy Simkin, CEO of the Cyber Insurance Academy, said: “The cyber insurance market has tremendous potential, but the industry has been held back by a lack of professional expertise. Our platform bridges this gap, providing insurance professionals with the skills and confidence needed to deliver value to insureds. By addressing this foundational issue, we’re paving the way for the market to achieve its projected growth.”

Asaf Armoni, CTO of the Cyber Insurance Academy, added: “We built this platform to be a catalyst for change. It’s intuitive, scalable, and designed to make a tangible impact both on a business and industry level. By equipping professionals with the knowledge to serve SMEs and other high-potential segments, we’re enabling the industry to close the massive cyber protection gap.”

With forecasts suggesting that the cyber insurance market could reach US 90 billion by 2032, the Cyber Insurance Academy’s platform is poised to play a key role in unlocking this growth. For professionals and organizations seeking to lead in this evolving market, it offers a unique opportunity to gain the expertise needed to transform challenges into opportunities.

For more information, visit www.cyberinsuranceacademy.com