Cyber Security: The challenge for insurers and practices alike
“As experts point out, hacking is an asymmetric menace. ‘Attackers only have to get it right once,’ says Kelly Richdale, a board director and adviser on cyber security.” (Hill, 2023)
“…cyber insurers have become pickier about the business they will take on, insisting on reams of information about the security clients have in place, and excluding some types of incident from the cover they offer.” (Ralph, 2022)
“Having conducted an interview or workshop with 96 industry professionals spanning the cyber insurance, cyber security, ransomware negotiations, policy, and law enforcement sectors, we identify that ransomware have been a key cause of the hardening’ of the cyber insurance market, which is exhibited at all levels of the market. Such hardening has been beneficial in raising the security standards required prior to purchase, but has also created a situation where some organisations may not be able to acquire viable cyber insurance at all.” (Mott, et al., 2023)
“Marsh’s market index shows that the cost of cyber insurance in the US was rising at a rate of more than 100 per cent year-on-year by the end of 2021, although that had moderated to 79% in the second quarter of this year and 48 per cent in the third.” (Ralph, 2022)