
By Byron V. Acohido
The cyber insurance industry set out to manage financial risk. Along the way, it has quietly became the security operations provider for a significant share of American small businesses. An $11 billion acquisition agreement announced earlier this year suggests it intends to stay in that role.
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I sat down with Tony Anscombe, chief security evangelist at ESET, on the floor at RSAC 2026 to discuss this. Tony has spent years tracking the intersection of cyber insurance and SMB security from inside the insurance ecosystem. Here is what I learned that you should know.
The causality chain is not complicated, but it took about five years to play out. Around 2020, ransomware payouts started overwhelming cyber insurers. Losses mounted. The industry responded the way it always does — by tightening requirements.



