The attitude to cyber insurance is changing. Now seen as a core element of mainstream business risk management, the global cyber insurance market is projected to triple and reach $7.5 billion by the end of the decade. These levels of growth present insurers with massive opportunities - however, cyber insurers are waking up to a tough reality. Accurately quantifying the underlying cyber risk and the impacts of security breaches is exceptionally complex. Insurers must develop better methods of cyber risk modelling to improve accuracy and consistency.