Ransomware has been the largest driver in Cyber Insurance claims in the last five years and continues to be a serious threat to both public and private entities across the nation. As the country shifted to working remotely during the pandemic cyber claims and more specifically ransomware claims rose to an all-time high. With the average single ransom up to $247,000 and the average incident cost up to $352,000 in 2020 (according to Advisen's loss data provided by Zywave). The increase of frequency and severity amongst cyber and ransomware has created a hardened market. Traits of a hard market consist of carriers significantly raising rates, increasing self- insured retentions and deductibles, limiting coverages, requiring several security measures, limiting class of business and other carriers will leave an insurance market all together. All the forementioned is what the insurance industry is experiencing in today's cyber market.
Dear WFC Member, First and foremost, we want to thank you for your continued membership, support, and investment in the Washington Fire Chiefs Association (WFC). Without your involvement, we would not be able to continuously provide our members with the advocacy and representation that we deliver for the Washington Fire service. Simply put, your membership makes what we do possible. This has been an interesting and busy year and the challenges seem to continue into the foreseeable future. Despite the pandemic, we have spent this time working on numerous issues that affect the greater Washington fire service.
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