Cybersecurity Insurance: an emerging industry

Cybersecurity is no longer a simple buzzword, especially in a supply-chain context. Very quickly some compelling data coming from the US: 53% of organisations have experienced at least one third-party-caused data breach, with remediation costs averaging $7.5 Million[1].

Furthermore, according to the Allianz Risk Barometer, cyber risks are the main cause of concern for businesses in 2022 at 44% and have outstripped supply chain supply difficulties, natural disasters, climate change, and the evolution of the pandemic. Companies are at risk. Other confirmations come from the Global Cybersecurity Outlook 2022 released by the World Economic Forum which underlines these fears given that 4 out of 10 companies have declared that they have suffered cyber attacks in the last two years. According to relevant experts, there should be an evolution from cybersecurity to cyber-resilience to contribute to overcoming these issues[2].

In this scenario, cybersecurity insurance is a new and emerging industry, and companies that purchase these products are considered early adopters in a very dynamic and fluctuating environment where cybersecurity policies suddenly change depending on the severity of the associated cyber risks.[3]

Hyper, as a partner of CYRENE, is continuously monitoring all these interwoven aspects to identify concrete possibilities to take the project’s solutions to the market considering potential cooperation with stakeholders that are already on the market (e.g. insurances, as already mentioned before), yet still needing innovative complementary features which CYRENE proposition(s) could contribute to providing. We have one year and a half ahead before the project’s completion, and our intention is to cooperate with the rest of the consortium to pave the way for successful exploitation of CYRENE outcomes, for our sake and for the sake of supply chains actors.





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This blog is signed by: the Hyperborea Srl team


Project Coordinator: Sofoklis Efremidis
Institution: Maggioli SPA
Email: info{at}
Start: 1-10-2020
Duration: 36 months
Participating organisations: 14
Number of countries: 10



EU flagThis project has received funding from the European Union’s Horizon 2020 Research and Innovation program under grant agreement No 952690. The website reflects only the view of the author(s) and the Commission is not responsible for any use that may be made of the information it contains.