Cyberattacks are an unavoidable business risk. A recent U.S. Treasury Department report observed that through June 30, 2021, the total value of suspicious activity associated with ransomware transactions in 2021 was $590 million, exceeding the total value reported for all of 2020.
Landscape of Standalone Cybersecurity Policies Has Changed Due to Increased Risk and Scrutiny
Because the market is rapidly changing, policyholders should not expect that they'll be offered the same coverage at renewal. Policyholders should start their renewal process earlier going into this year's renewal so they have time to analyze new pricing, as well as new endorsements that may limit coverage and consider alternative forms, insurers, and policies to maximize coverage.
By
Walter Andrews, Andrea DeField and Sima Kazmir
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