The world has entered a new era of cyberattacks. There have been decades of viruses, breaches, and other forms of attack, last year saw increased hacker sophistication, the propensity to pay in ransomware cases, and a broad swath of geopolitical uncertainty conditions that hackers have found favorable.
The forecast for any organizations seeking or renewing cyber insurance is looking grim.
- 25% average premium increase.
- Ransomware/extortion coverage limitations-lower limits and coinsurance.