The recent surge in cybersecurity and ransomware attacks has spurred many boards to ask management to take a second look at the cybersecurity protections that they have in place, specifically insurance coverage in the event of an attack with cascading impacts on partners and third parties. Recent estimates show that the global cyber insurance market is expected to grow from roughly $7.5 billion in 2021 to $28.5 billion by 2028, according to new market research.

…Keefe added that it’s important to make sure that there are more members of the board with some technical security expertise. Only 11% of S&P 500 directors disclosed having cyber expertise, according to The CompanyIQ Cybersecurity Oversight Benchmarking Report, released in March 2022.