Cyber Insurance Rates Are Dropping — What’s Behind the Decline?
Download MP3🎙️ Episode Show Notes:
In this episode, we discuss an important update from Marsh LLC — one of the largest insurance brokers in the U.S. — and what it means for business owners concerned about cyber liability insurance.
Key Takeaways:
- Cyber insurance rates may finally begin to ease after years of rising premiums and reduced coverage.
- The cyber liability market has been difficult due to high uncertainty and increasing cyberattack claims.
- Insurers are now adjusting rates as businesses become more proactive in managing cyber risks.
- A major shift: insurers now see that businesses understand they are potential cyberattack victims and are acting accordingly.
- When businesses take cybersecurity precautions, insurers can offer more reasonable quotes.
- The situation is similar to traditional insurance — just like fire or slip-and-fall risks, cyber risks require proactive measures.
- Cyber awareness and risk prevention are now reducing the frequency and severity of cyber insurance claims.
- Companies with best practices and strong cybersecurity protocols are more likely to secure solid policies.
- There's cautious optimism that both insurers and businesses are improving at controlling ongoing losses.
- Now is a great time for tech-forward companies to re-evaluate their cyber insurance strategies and ensure they’re covered.
