Cyber Liability Trends to Watch

Posted April 11, 2022

Cyberattacks are increasing in frequency and severity, causing insurance prices to rise across the industry. In a constantly changing cyber landscape, it’s vital to know what’s coming next. Here are five trends to watch in 2022:

Tightened underwriting standards – Cyber insurers may ask for documentation of workplace cyber policies and cybersecurity practices. Some cyber insurers are adjusting their appetite and tightening policy wordings.
Increased ransomware concerns – A ransomware attack occurs when cybercriminals compromise computer systems and demand payment in exchange for restoring the technology. These attacks have incrased by 500% since 2018.
Increased double extortion claims – A double extortion attack is a ransomware attack that threatens to publish or sell stolen data if ransoms aren’t paid. These attacks can even damage organizations with recovery systems.
Greater government involvement – The U.S. government has become more involved in preventing cyberattacks by providing additional cybersecurity guidance to employers.
Increased business email compromise risk – Business email compromise attacks trick employees into sending money or sensitive information to cybercriminals. These losses increased 58% from 2015 to 2019.