While ransomware remains a top cyber risk globally and other cyber risks continue to evolve, cyberinsurance industry professionals say there are still developments, like increased capacity, availability of information and government attention, to be thankful for this holiday season.
Cyberinsurance experts have welcomed the increased government attention to the issue of cybersecurity, such as putting out more information on potential threats and working on regulatory schemes for reporting cyberattacks. (AP Photo/Jon Elswick)
Coming out of 2021, policyholders faced the first “true hard market” experienced by the cyberinsurance market, Elizabeth Harbison, assistant vice president with Aon Cyber Solutions, told Law360. Even now, ransomware threats are still prevalent, and other factors, like a growing reliance on cloud services and geopolitical tensions increasing the likelihood of cyberwar, have become key fixtures of the cyber risk landscape, according to an Allianz Global Corporate & Specialty report.
Despite these concerns, professionals in the cyberinsurance space said that there are still plenty of things to be grateful for.
Increased Capacity and New Carriers
While 2021 was marked by large rate increases, more restrictive coverage and reduced capacity in the cyberinsurance market, policyholders this year have started to see pricing trends turn slightly in their favor, Kristen Peed, director of corporate risk management and insurance at professional services company CBIZ Inc., said. Peed said one of the developments in the market she is most thankful for is the entrance of new capacity by carriers “that have never been in the cyberinsurance space.”
As an example, Peed, who also serves on the board of directors for