If you were unable to attend the incredible Zywave Cyber Risk Insights Conference in London this year, then you will have missed key insights on cyber insurance claims trends for 2023.
A panel discussion on the topic brought together a group of experts to share their insights and experiences from the front lines of cyber insurance claims and incidents. Moderated by Anthony Hess from Asceris, the panel included Carolyn Purwin Ryan from Mullen Coughlin, Danielle Haston from Chainalysis, Luke Johnson from Canopius, and Daniel Tobok from Cypfer.
Among the topics discussed were the curious trajectory of ransomware over the last year, changes in the types of claims insurers and response teams are seeing, and how these claims are being handled. This article will summarize the key points raised by the panelists and offer insights into the current state of cyber insurance claims trends.
Cyber insurance claims were “refreshingly quiet” in 2022, but not for long
While cyber attacks were still prevalent, the percentage of insured businesses that are being targeted has significantly decreased. Luke Johnson provided insight into the various trains of thought as to why this has been the case, focusing on the impact of an underwriting hard market that has placed increasingly fervent emphasis on minimum controls. Overall, it seems that the minimum controls required for cyber insurance may have played a role in deterring hackers and making businesses more resilient against cyber attacks. For Daniel Tobok, the slowed pace in the first six months of 2022 directly