Insurers are trimming their capacity and appetite to insure cyber risk, altering the policy terms, and raising prices as ransomware attacks and subsequent losses continue to spike.
It’s getting to the point in some areas that it’s not a matter of ‘how much’ it will cost to get the coverage it’s a matter of ‘if’ the coverage can be obtained. One industry periodical reports “insurers have cut the amount of cyber cover they provide to customers in half.”
The situation is not getting better, either. Contact us for help in navigating your business through cyber coverage. If you’re not sure if you need it, you probably do.