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May 10, 2022
The Cyber insurance marketplace continues to be “hard” as Cyber carriers are consistently looking to right-size their portfolios due to 2020 and 2021 claims results. There is an ongoing emphasis on rate increases and “must have” technical security controls. The frequency of ransomware claims has slowed, but the severity factor remains amongst other exposures. While the underlying risk poses a volatile class, we continue to see the coverage evolve and this coverage is now deemed critical and essential to every organization’s overall risk management strategy.
To learn more about the state of the cyber insurance market and how to get the best results with your risk management program in 2022, please read our Markets in Focus – Cyber report.
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The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.