Cyber Insurance Brokers in a Hardening Market

The cyber insurance landscape has transformed beyond recognition over the past few years. Insureds looking to renew their policies will feel blindsided with new and volatile requirements, inflated premiums, and unpredictable, face-paced trends. Whilst the most common concerns for carriers right now include ransomware, systemic risk, and payroll risks, the marketplace is prone to change at the flick of a switch. This article will unpack some of the key challenges facing cyber insurance brokers today. 

Cyber insurance brokers need to think ahead

Time is truly of the essence when brokering a cyber insurance policy. Insureds trying to renew their policies now and for the foreseeable are in a severe time crunch: changing carrier requirements and limited extensions have meant that insureds must race to implement new controls in order to qualify for a policy. The result is that insureds will purchase whatever they can get until such time as they can get those permanent controls into place. Meanwhile, Some controls simply cannot be executed at the drop of a hat: implementing MFA (Multi-Factor Authentication), for example, can be substantially more complicated on other platforms or applications, especially if the insureds use archaic systems.