The Imminent Death And Rebirth Of Cyber Insurance

We wake up every day to a pattern of record ransoms being paid as well as record increases in cyber-insurance cost. The Bloomington School District in Illinois published its cyber-insurance renewal costs and reported a whopping 334% increase in premiums.

Faced with challenges, it is common knowledge that businesses must continually evolve due to circumstances such as opportunity, missions, and risks. The cyber insurance industry is no different.

In this climate of record ransoms and cyber incidents, these challenges are creating a shift in insurance market conditions signaling that cyber insurance will fade towards demise as we know it. While this seems like a bad thing, there is a silver lining in all this.

We are living in the greatest period of data vulnerability in history.

There are risks everywhere, all of which carry significant financial burdens including ransomware, downtime, compliance fines, and data loss.