The rarified place that cybersecurity insurance (“cyber insurance”) used to hold in the strata of the more “profitable” corporate insurance products is quickly closing, as significant losses are now more prevalent on the books of cyber insurance carriers. (And growing monthly.)
Will higher cyber insurance premiums follow? Will limits of liability contract as cyber insurers closely watch the capacity of their book of cyber insurance business? Finally, will underwriting standards tighten among the major cyber insurance carriers?
The answer to all three questions is probably, yes. What can you do to offset some of the potential premium increases that are lurking down the road? Here are our views, after first discussing the cyber claims environment to set the context.
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