The predictions come in the tech giant’s report “Cybersecurity Forecast 2024: Insights for Future Planning.” The report is a fascinating read for anyone involved in the cyber security arena — we were struck by the section on “Pig Butchering* scams,” among others — but more to point are the comments on cyber liability insurance.
“Cyber insurance premiums remain steady… After a strong correction in the cyber insurance market over the past few years that was characterized by rising premiums and restricted coverage, the market is starting to soften. With more entrants in the market and insurers with ambitious cyber growth goals, the competition is expected to provide much needed relief to the rising premiums the industry has been seeing. While we expect to continue to see a general trend towards restrictions in systemic risk coverage, it’s possible that insurers may broaden coverage in other ways to compete in this new landscape.”
Readers: What do you think Google means by “insurers may broaden coverage in other ways to compete in this new landscape?”
*According to Google: “Pig butchering scams are a type of online fraud in which scammers pose as potential romantic partners over extended periods of time in order to gain the trust of their victims. Once they have gained their victim’s trust, the scammers will begin to convince them to invest in various fraudulent financial schemes.”
Other News: Google Exec Makes the Case for a Federal Cyber-Insurance Backstop(Opens in a new browser tab)