As cyber crime grows more sophisticated, Patrick Costello makes the case for MGAs who prioritize people over products
In cyber insurance, trust is becoming a baseline expectation, not a bonus. As the market grows more complex, some MGAs are shifting focus from product alone to how they engage with brokers.
As ransomware, social engineering, and AI-driven deception reshape the threat landscape, brokers are under pressure to deliver more than just policies – they need partners who can respond in real time and keep pace with emerging risks. Global cybercrime costs hit $8 trillion in 2023 and are projected to grow to $10.5 trillion by 2025, according to Cybersecurity Ventures.