Two decades ago, cyber insurance was often viewed with skepticism and reluctance, relegated to the periphery of corporate risk management strategies. Many insurers and their customers failed to grasp the severity of cyber threats or underestimated their potential financial impact, dismissing cyber insurance as an unnecessary expense. 

However, this complacency proved costly as cyberattacks proliferated, wreaking havoc on businesses worldwide and inflicting substantial financial losses. It was only when companies began to experience firsthand the devastating consequences of cyber incidents—from data breaches to ransomware attacks—that the true value of cyber insurance became apparent.

As firms grappled with mounting financial liabilities and reputational damage, the importance of comprehensive cyber insurance coverage became undeniable. Today, it is a multi-billion dollar industry. Insurers and their customers are taking it more seriously than ever. This might be profusely credited to the work and resilience of actors, such as Steven Haase, whose proactive approach led to wonders. In fact, according to a survey conducted by security.org, 66% of the U.S. population is knowledgeable about cyber insurance today.

Cyber threats continue to evolve in complexity and scale, and the awareness and adoption of cyber insurance are more critical than ever. Companies must recognize the imperative of safeguarding their digital assets and operations against cyber risks, leveraging cyber insurance as a vital component of their risk management arsenal to mitigate potential losses and safeguard their long-term viability. 

Haase, a visionary in the insurance world, is best known for his pioneering work in cyber insurance. Born on February 14, 1956, in Pittsburgh, PA, Haase has dedicated over four decades to revolutionizing risk management and insurance practices. His remarkable journey has seen him introduce groundbreaking insurance products, including Technology Errors & Omissions (E&O), Cyber Liability, and Embedded Insurance, thus generating substantial revenue and reshaping the landscape of corporate insurance. He is the former CEO of INSUREtrust and the current President of STP Insurance Services, LLC.

Haase embarked on his insurance career in 1978 with FM Global, where he managed international HPR insurance programs for esteemed Fortune 1000 companies such as Coca-Cola, Ford Motor Co, and Owens Corning Fiberglass. In the 1980s, he became one of the first insurance specialists catering to emerging technology firms, demonstrating his forward-thinking approach.

The pivotal moment came on April 15, 1997, when Haase unveiled the first cyber insurance policy, the Internet Security Liability Policy, at the Risk and Insurance Management Society's annual convention. Despite modest attendance, this event marked a significant milestone in the insurance industry. Haase's brainchild, developed in collaboration with American International Group (AIG), aimed to protect companies engaged in burgeoning e-commerce ventures from data breaches and cyber threats.

During a time when the internet was in its infancy, Haase foresaw the potential first and third-party risks posed by online transactions and data storage. His innovative policy offered coverage for incidents like the theft of customer credit card information, setting a precedent for future cyber insurance products. Although the initial policy parameters may seem modest by today's standards, they laid the foundation for an industry that would experience exponential growth over the ensuing decades.

Despite early challenges and skepticism from industry peers, Haase remained undeterred. He founded Network Risk Management Services in 1997, which was renamed INSUREtrust in 1999. He was a specialty wholesale broker and managing general agent, further solidifying his position as a trailblazer in cyber insurance. Under his leadership, INSUREtrust became a prominent player in the cyber insurance market, covering technology errors and omissions, financial lines, and miscellaneous professional liabilities. He left the firm on solid ground and the very capable leadership of CEO Christiaan Durdaller.

Haase's contributions extend beyond entrepreneurship; he actively engages with academia and industry events, sharing his expertise and insights. As President of STP Insurance Services, LLC, a subsidiary of MIC Global, Haase continues to shape the future of insurance by exploring embedded insurance solutions through platform companies.

The evolution of cyber insurance mirrors Haase's entrepreneurial journey, characterized by perseverance and adaptability. In its infancy, cyber insurance faced challenges such as limited data on cyber threats and reluctance from insurers and clients alike. However, regulatory developments and market dynamics gradually propelled its growth.

Regulators played a pivotal role in shaping cyber insurance and responding to emerging threats and market demands. State data breach notification laws and regulations like the General Data Protection Regulation (GDPR) influenced policy coverage and disclosure requirements. Despite this, cyber insurance remains largely unregulated compared to traditional insurance sectors.

Haase's journey exemplifies the resilience required to navigate emerging markets. The early years of cyber insurance were marked by uncertainty and skepticism, compounded by events like the Y2K scare and the dot-com bubble burst. However, Haase's perseverance and foresight enabled him to overcome these challenges and establish his former company as a market leader.

The cyber market is expected to grow more than 20% a year reaching $90 billion by 2033. Driven by heightened awareness of cyber threats, demonstrate the industry's maturation. Both insurers and policyholders approach cyber insurance cautiously, mindful of its complexities and evolving nature.

Steven Haase's pioneering work in cyber insurance has left an indelible mark on the insurance landscape, from conceptualizing the first cyber insurance policy to founding INSUREtrust.

Steve has shifted his attention to an even larger market: micro-embedded insurance. This burgeoning market, valued at a staggering $3 trillion, has been catalyzed by a confluence of economic and technological transformations. The widespread availability of high-bandwidth internet services has laid a foundational infrastructure for seamless connectivity. 

Similarly, there has been an explosive proliferation of platform companies, boasting enterprise-wide connectivity and facilitating electronic transactions between businesses, customers, and employees. In addition, the accessibility of inexpensive low-code software, coupled with advancements in data management, machine learning, and artificial intelligence, has streamlined insurance processes and expanded accessibility. 

Also, a significant portion of the workforce now engages in part-time employment arrangements, necessitating flexible insurance solutions. The exponential growth of Internet of Things (IoT) devices, meticulously monitored via internet connectivity, has augmented the scope and necessity of micro embedded insurance within the contemporary landscape. These economic and technological shifts collectively underscore the immense potential and relevance of micro embedded insurance in today's evolving market dynamics.