Cyber risk is changing fast in 2026, with threats growing bigger and more connected. Brokers now need to do more than just sell insurance. They have to help businesses understand and prepare for new dangers, especially as technology and cybercriminal tactics evolve quickly.
Cybercrime costs are soaring, expected to hit over $10 trillion worldwide each year, according to Cybersecurity Ventures. At the same time, IBM says the average cost of a single data breach is now above $4.5 million. This makes cyber risk a huge financial concern for companies of every size.
One of the biggest new worries is artificial intelligence (AI). AI is no longer just an idea—it’s already impacting cyber threats. A report from Check Point shows cyber attacks have jumped by 70% since 2023, with AI playing a big role. Many businesses have faced risky AI-generated phishing scams and even deepfake fraud involving voice and video tricks, which UNESCO has flagged as a rising threat. Brokers report that companies are now asking if their insurance covers losses caused by AI, but insurers are still trying to figure out how to handle this new kind of risk. Questions like who is liable if an AI agent causes a breach remain unanswered, leaving a lot of uncertainty that brokers must help clients with.
Despite new challenges, familiar risks like business email compromise (BEC), social engineering, and funds transfer fraud remain major problems. BEC alone has caused tens of billions in losses worldwide over the past decade. Unfortunately, these types of attacks are often only partly covered or even excluded from policies. Many large companies find they have limits on key protections, which means they need to review their coverage carefully. Good claims service is also more important than ever. Brokers should encourage clients to choose insurers who deliver reliable support when cyber incidents happen.
Another growing issue is vendor risk. Many cyber losses now come from third parties like suppliers or partners, not just the company’s own systems. Some of these vendors may not have solid cyber insurance, making it important for businesses to assess their vendor risks and ensure proper coverage is in place. Keeping an eye on threats in real time is crucial since cyber events can happen in seconds. Brokers are advising clients to use continuous monitoring tools and threat intelligence to stay ahead.
For brokers wanting to learn more and improve their skills, InsuranceFest 2026 offers a great chance. This event focuses on real-world cyber challenges with hands-on sessions. Topics include tackling social engineering, ransomware, and vendor risk. One interactive session even simulates a business email compromise attack involving deepfake AI, helping attendees understand how quickly these threats escalate and how to respond.
InsuranceFest also features discussions on AI, emerging cyber threats, and client education. Beyond the sessions, the relaxed beachside setting encourages honest conversations and connection.
Brokers interested in the event can still register online. With cyber risk evolving rapidly, gaining practical knowledge and building strong relationships will help brokers serve their clients better in this changing landscape.