2020 also saw a continued drumbeat of claims activity, Reagan said, as the impact of the broad category of ransomware made itself heard and felt. This was percolating in the background at the beginning of the year and continued to grow throughout summer 2021 until, by the end of the year, increasingly radical and urgent action was being taken by the underwriting community.
“We’re still trying to sort through exactly what that means,” he said, “but clearly, we’re in a period of transition and evolution in the space, as the market looks to understand what is the path forward in the face of what I would call an epidemic of ransomware. If COVID is a pandemic, then it’s quite clear that cyber is an epidemic.
“[Also]… I think business leaders and executives have come to recognise that there is no future without a digital operation, that no matter where we go from here, organisations are going to have to embrace elements of remote work, and everything that entails, so anxiety around the cyber future has never been higher.”
2020 was a pivotal year for the cyber insurance sector between a significant increase in…
