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Archive December 2021

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Cyber Insights: Ransomware

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.

 

 

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