Blog: Are conflicting messages on risk controls and rates eroding trust in cyber expertise?
Is a failure to heed the cyber insurance lessons of the past undermining efforts to shore up its sustainable future? Ian Summerfield, head of cyber at Pen Underwriting, discusses.
Back in 2020, the rate-inadequacy writing was on the wall for cyber insurance. A rapidly evolving risk landscape, shifting exposures, rising ransomware claims and other loss events flowing from the increased attack ‘surface area’ of a near-global shift to working from home for millions, meant action needed to be taken.
Consequently, rate rises of 30% to 50%-plus were not uncommon and often deemed necessary by way of correction to shore up the premium pot to fund potential claims, better match
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