Ransomware has exerted immense pressure on the cyber insurance market, and organizations looking for coverage are paying the price.
Key Points:
- The rise in ransomware attacks has led more organizations to seek cyber insurance.
- But the crime wave is also causing some insurance companies to deny applicants, raise rates and limit coverage.
- Policies and payouts hinge on whether your organization follows best practices in cybersecurity.
The current ransomware crime wave is rattling the cyber insurance market, and that’s bad news for organizations that are buying or renewing policies. Rates are up, availability is tight and terms and conditions are tighter. If there is a silver lining, it’s that insurers could be raising the standards of practice in cybersecurity as they have done in areas as diverse as fire safety and payment cards.
Shifting Cyber Insurance Market
Several trends are impacting whether and how organizations can insure their data and business operations amid mounting ransomware risks. Among them:
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