The world of Cyber Liability insurance is experiencing significant shifts, reminiscent of the changes seen in the D&O/Management Liability Insurance market. Here's a quick breakdown of what's happening and what it means for businesses:
The Cyber Liability market is adjusting due to:
Previously low premium rates.
Unsustainable underwriting standards.
An increase in claims notifications.
These changes have led to rising prices and stricter underwriting standards, causing some dissatisfaction among clients.
Businesses looking to get Cyber Liability coverage now need to prove they have:
Multi-factor authentication in place.
Specific control measures.
A robust risk management approach.
Navigating this evolving landscape can be challenging. But don't worry, just as with the D&O/Managing Liability Insurance market, we're here to guide you.
We've successfully helped many clients secure coverage, even those who previously struggled to get quotes. If you're looking to understand or secure Cyber Liability insurance, reach out to us. We're here to help!