An interesting read about the insurance industry.

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An interesting read about the insurance industry. Along with a rise in interest rates and talk of a recession, insurers may have to take a look at their services. As insurers costs rise, their premiums rise, at a time when cyber insurers are already increasing premiums and reducing coverage, cyber insurance is one product that one hopes will not be affected to badly.

Recessions are an opportune time for cyber attacks, the pandemic demonstrated the flexibility of the hacking community to target organisations. A recession will put companies under significant cost pressures and vulnerable to cyber attack, and ransomware.

Cyber maturity levels are already low and increased regulatory and legal risk is already a issue. Cyber insurance premium rises may turn off more SMEs from taking on cyber insurance and increase insurers liability if attacks increase.

Ted Dziekanowski Gerry Kennedy

#cyberinsurance #cyberriskmanagement #theaugustagroup

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