Woodruff Sawyer's 2024 Cyber Looking Ahead Guide: Cyber Premiums in Decline, Ransomware is Back, and the SEC Lays the Hammer Down
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In last year's Guide, we celebrated a normalizing insurance market, however, the cyber insurance market continues to evolve, and the industry continues to face new and serious risks. External factors affecting the market include wars, federal and state regulations, and the risk of artificial intelligence. The insurance market has responded with an unclear war exclusion and coverage restrictions for systemic risk and privacy violations, while companies struggle with timely disclosures to avoid
Underwriters in our annual survey think cyber risk will increase in 2024 – more than half think this will be the case, a higher percentage than last year. Underwriters are also concerned about ransomware attacks (94%), supply-chain attacks (75%) and privacy violations (69%). Most think premiums will increase slightly.
For deeper insights, advice, and our predictions for the cyber liability landscape in 2024, please join our Cyber Insurance Trends: Looking Ahead to 2024 webinar on
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