Navigating the Shifts: Understanding Cyber Liability Market Changes

The Expert Podcast

Good News & Bad News from the World of Cyber Attacks

• The Bad News:
  • According to Reuters and the insurance industry, 75% of companies are prone to cyber attacks.
  • Recent incidents like the AT&T breach, the CDK hack for car dealerships, and attacks on smaller companies highlight the growing risk.
  • Hackers are becoming more relentless, sending out thousands of attempts daily to find vulnerable companies.
• The Odds of Getting Hit:
  • Almost any company could be at risk, depending on how prolific the hackers are.
• Insurance Companies & Business Interruption Claims:
  • Cyber liability insurance providers are facing an increase in business interruption (BI) claims.
  • Some policies cover not only the cost of the hack but also losses from business interruptions, such as being shut down for weeks.
• Important Note:
  • Ensure that if you purchase a cyber liability policy, it includes BI coverage, as many add-on policies do not.
• The Good News:
  • Cyber insurance policies are becoming more affordable.
  • Insurance companies now better understand the market, leading to reduced prices and more competition.
  • Improved databases help insurers accurately price policies, attracting more providers to the market.

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