Law360.com reported that “the cyber insurance industry is adapting to the evolving cyber risks to businesses.” The August 13, 2021 article entitled “Ransomware Scourge Isn’t Scaring Away Cyber Insurers” included these comments:
Ransomware payments for cyberattacks have raised concerns for cyber insurers, but experts say those worries haven’t led to a mass exodus in the cyber insurance market, just a hardening.
The cyber insurance market’s reaction to headline-making attacks has been one of mitigation, experts say.
Particularly, insurance experts have seen new limits on cyber extortion and ransomware coverage for certain insureds and additional underwriting at both the initial policy procurement and renewal stages.
No surprise in this report!
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