Darkreading.com reported that “Companies are more likely to rely on outside attorneys to handle cyber response in order to contain potential lawsuits. Meanwhile, cyber-insurance premiums are rising but covering less.” The January 10, 2022 article entitled “Breach Response Shift: More Lawyers, Less Cyber-Insurance Coverage” included these comments:
The research shows just one way that companies have to adapt to the changing landscape of cybersecurity breaches.
Another shift in the landscape is the increasing difficulty in finding ways to offset the risk of a cyber intrusion through insurance.
While cyber insurance continues to be a lucrative industry, every claims category has increased in the past year.
Cases of malicious breaches and unintentional disclosure, which account for tens of thousands of claims, each increased by 18% year over year, according to data from insurance-market analysis firm Advisen.
By far, the greatest change has occurred in cyber extortion — ransomware — which jumped by nearly 150% in a year.
No surprises in this report!
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