ARTICLE
13 January 2022

2022 Starting Off With Less Cyber-Insurance Coverage!

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Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
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."
United States Insurance

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!

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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