Cyber

Cyber underwriters face a myriad of risks, emerging trends and formidable challenges in crafting robust policies.

Organizations must understand the changes in cybercriminal business models and prioritize investments that limit financial loss.

Electoral politics, especially at the state level; the economic outlook; geopolitical risks; and evolving employee benefits top the list.

2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve.

While the focus has been on IT infrastructure, insurers and clients are realizing the IoT creates the biggest attack surface for hackers.

Insurers must keep up with the ever-changing nature of cyber threats -- and a new form of computing is causing concern.

Fewer than half of firms have policies that cover "critical risks," including ransomware, ransom negotiations and ransom payments.

What happens next will depend on how clearly underwriters, brokers and insurance buyers commit to building resilience.