A great article. 2021 was a difficult year for the cyber insurance/ re-insurance market, as it came to terms with the challenges of ransomware.

← Back to Blog

A great article. 2021 was a difficult year for the cyber insurance/ re-insurance market, as it came to terms with the challenges of ransomware. Leading to increased premiums, reduced coverage and increased loss ratios. No one is predicting that cyber attacks will fall in 2022, with cyber insurance premiums expected to continue to rise.

Insurers are starting to feel the potential aggregated systemic losses that cyber attacks can cause when focused on CNI.

¢â‚¬Å“This has brought about a remarkable shift in underwriting sentiment, pivoting from one of loss complacency to one of loss inevitability,¢â‚¬Â Howden continued. ¢â‚¬Å“Carriers are now taking the view that losses are no longer a matter of if, but when, and, as a result, have high expectations around the sophistication of businesses cyber security in order to ¢â‚¬Ëœqualify for cyber insurance.

The challenge will be how will insurers assess the sophistication of cyber security. When one looks at global cyber standards, the maturity of cyber implementations, the success of attacks in 2021 and the rise in premiums to understand that the sophistication of cyber is low.

2022 maybe a challenging year for both the insured and insurer.

#theaugustagroup‚ #theaugustaplan‚ #cybersecurity‚ #supplychainriskmanagement‚ #cyberriskmanagement‚ #compliance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esg‚ #scrm‚ #cscrm‚ #cybercompliance‚ #cyberregulation‚ #cybergovernance‚ #digitalcurrency‚ #sec‚ #cyberriskgovernance‚ #securitiesandexchangecommission‚ #ransomeware‚ #csfprofiles‚ #dhs‚ #governance‚ #nist‚ #cyberinsurance

View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6889839948212510720