United States:
No Surprise That Ransomware Insurance Premiums Are Increasing!
18 August 2021
Foley & Lardner
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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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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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