As Cyber Insurance Evolves, Firms Face More Requirements, Rising Costs
With some cyber insurance companies closing up shop, premiums are likely to spike, while obtaining coverage will likely require many firms to step up their own cybersecurity defenses.
June 22, 2022 at 03:01 PM
5 minute read
Few other threats have seen the level of incline as cyberattacks. Of course, for businesses and firms, the one saving grace has generally been cyber insurance, providing them with a level of financial security from a usually invisible enemy.
However, cybersecurity experts reading the tea leaves warn that in the near future, cyber insurance won't be the padding it once was.
As all U.S. verticals from infrastructure to legal brace themselves for a uptick of cyberattacks from Russia, some cyber insurers are jumping ship, unable to accommodate the financial losses. In turn, premiums are shooting up and coverage is becoming more selective.
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