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Organizations have come to rely on cyber insurance to mitigate the impact of increasingly sophisticated, disruptive, and wide-spread cyber attacks. As a result, insurers are issuing more policies, and the amounts of protection available are increasing. In 2020, the global insurance community saw the first cyber insurance program that exceeded $1 billion in coverage.*
But changes are coming for the cyber insurance industry. Growing sophistication, scale, and efficiency of ransomware attacks, paired with ballooning extortion demands and pressures from regulators, have forced the industry to make drastic changes to stay profitable. For those shopping for cyber insurance and those who are already insured, those industry changes could result in premium increases and limited coverage, especially for industries that have been hardest hit by cyber extortion in the last 12 months.
Join this webinar with Arctic Wolf’s Louis Evans and Guest Speaker and Senior Forrester Analyst Jess Burn to learn why:
Insurers are rethinking cyber coverage and claims in the wake of increasingly aggressive cyberattacks.
Businesses are likely to see their cyber insurance premiums increase, or even see some cyber security coverage dropped entirely.
Leaders should consider risks and mitigation strategies as they assess their readiness and liability when it comes to breaches or attacks.
*Source: HBR: Cybersecurity Insurance Has a Big Problem, 2021