cyber risk
November 6, 2023
The 2023 Cyber Year in Review
When everyone thinks of cyber, first-party ransomware claims spring to mind, but this year there has been a more significant rise in third-party liability claims driven by pixel and tracking software-related matters. As more U.S. states pass laws against the collection of personally identifiable information, tracking software claims have evolved. This new trend follows other data privacy trends that...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
May 18, 2023
Commercial Property Rates Increase, Cyber Rates Moderate
Commercial property and casualty insurance rates rose 8.8% in the first quarter of 2023 (up slightly from 8.0% in the previous quarter) as property outpaced all other lines at an average of 20.4%, according to the latest Council of Insurance Agents & Brokers (CIAB) market survey. As the market entered its 22nd consecutive quarter of...
July 15, 2022
2022 Midyear Market Outlook: Cyber Insurance
The past year has seen a rapidly hardening cyber insurance market as cyberattacks have surged in both cost and frequency. This increase in attacks has, in turn, resulted in a rise in cyber insurance claims and subsequent underwriting losses. Amid these market conditions, most policyholders experienced higher cyber insurance rates at their 2022 renewals, with...