Growing Cyber Risks Amid a Staggering Lack of Preparedness Companies are waking up to the devastating financial losses associated with funds transfer fraud, invoice manipulation, social engineering, ransomware and deepfake attacks. The projected global cost of deepfake fraud in 2024 is anticipated to reach $1 trillion, 4 presenting a substantial threat to markets and the global economy. In last year’s HUB survey, respondents ranked their cyber risk as relatively low. In 2024, they identified it as a higher risk but one that they are adequately prepared to handle. However, the HUB survey indicates no discernable increase in cyber insurance coverage year over year with only 40% of respondents reporting that they have some form of cyber coverage. There is plenty of capacity available in the cyber insurance market and securing coverage is a critical component to recover from a cyberattack. Cyber policies have evolved significantly and cover a wide range of risks but require organizations to have robust policies and procedures and comply with regulatory requirements. How Your Broker Can Help: Cyber Insurance How Your Broker Can Help: Cyber Insurance • Get insights into the health of your cyber security program with a Bitsight Security Rating, an objective, data-driven lens that identifies exposures and hidden risks. The rating is also used by insurance carriers to underwrite policies. • Use advanced cyber benchmarking tools to help determine the appropriate limits needed. TM SCORE (Stochastic Cost of Risk Evaluation) modeling is also available for companies with more complex cyber risks. • Evaluate your organization’s exposure by considering important factors such as how much customer data your organization retains, your record retention policies and frequency of cyber security training for employees. • Offer cyber protection to employees to help them protect their identity and devices and make it harder for hackers to steal personal information, not to mention company information for those who work remotely. Recovering from identity theft is time-consuming and can adversely impact employee productivity. 4. Security Intelligence, “How a new wave of deepfake-driven cyber crime targets businesses,” May 17, 2024 HUB International 2025 North American Outlook Report | 10