Real Problem, Real Impact Risk and premiums continue to rise while coverage decreases REAL PROBLEMS RISING TRENDS Cyber attacks continue to rise 57% increase in overall U.S. cyber attacks in 2022 compared to 2021, an attack occurs every 39 seconds. Low barrier for threat actors Ransomware kit can be bought by bad actors for as little as $40. A costly problem for SMBs 700K attacks against SMBs caused damages of $2.8 billion. Rising costs in cyber insurance 25-100% increase in cyber insurance premiums in 2023 and claim process becoming more difficult. More restrictive coverage Stricter underwriting to lower loss ratio (65.4% in 2021 compared to 35.4% in 2017). Extended claim process AI driven attack has 2x success rate resulted in longer claim process time and lower sublimits. Business interruption is catastrophic to SMBs 75% of SMBs say they would not survive past 3-7 days from a ransomware attack.
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