Here are the top 20 cybersecurity trends to keep an eye on: 1. The public sector, including education, also faces fewer options for risk transfer after the pull-out of several carriers from the space due to skyrocketing claims (see TOP 15 U.S. Cyber Insurance Companies). Understanding the current cyber risks is not rocket scienceit ultimately comes down to employees doing the wrong things and companies not doing enough to stop them. Insurance prices rose between 10% and 30% in just the. Not only large corporations recognise the value of effective security management; medium-sized companies, organisations, cities, municipalities and hospitals are likely to continue to invest. There were more than 700,000 cyberattacks on small businesses in 2020, totaling $2.8 billion in damages, according to the Small Business Administration. Cyberattacks are becoming more sophisticated, but so are insurers. Cyber insurance policies typically require EDR because it helps to reduce the risk of a cyber attack. Although challenges exist with talent shortages, climate risk, increased regulatory requirements, and managing the technology/human balance, insurers can leverage the lessons of the past year to get closer to providing a . With the increase in the number of cyber incidents and claims filed, the industry has become less profitable. To counter this, companies should adopt quantum-resistant encryption algorithms using quantum random number generators instead of relying on vulnerable traditional pseudo-random number generators. RPS pointed to several themes in the cyber insurance market for the new year: Sophisticated underwriters are using third-party scanning technologies to help detect security weaknesses. Managed security service providers (MSSPs) can do this for them, and in 2023, their role will become more pronounced. These incidents can do a lot of damage to a company's network and result in serious costs to the business. An adequate level of cybersecurity increases insureds resilience and, at the same time, is a prerequisite for access to the insurance market.