Cyber Insurance

There’s positive news for the health of the cyber insurance industry in a new report from The Council of Insurance Agents & Brokers (CIAB). “Cyber insurance premiums rose by an average of just 3.6% in Q2 2023, perhaps the strongest sign of relief for this line seen yet,” says the CIAB’s Q2 2023 P/C Survey. … Read more

“The industry is dealing with two issues with regard to the talent shortage. Of course, it’s attracting new talent, bringing people into the industry in the first place. But then, the issue becomes keeping them. Because of the shortage in the industry, competition among insurers is fierce. To help build our team, we developed our … Read more

The SEC cybersecurity disclosure rules (see the text here) requires public companies to disclose hacks within four days, which we earlier predicted would lead to confusion, scrambling and lawsuits. “’The plaintiff bar is drooling. They’re like, ‘when does this go into effect?’ said Kelly Geary of EPIC Insurance Brokers & Consultants… As a result, public … Read more

“Most companies will quickly accept the insurance provider’s first offer when negotiating cybersecurity insurance policies. Although a relatively new component of the insurance sector, providers have still been conducting cyber assessments and offers for years and are the so-called expert. However, this way of thinking costs enterprises thousands, if not millions, of dollars a year … Read more

The White House has now released its National Cybersecurity Strategy Implementation Plan to outline next steps for the strategy it first released in March. Read the update here. The update promises the feds will release by the end of the year findings on the need for and potential structure for federal involvement in cyberinsurance for … Read more