RANSOMWARE DRIVES HARDER CYBER RESPONSE FROM INSURERS
Source: Insurance Times - September 2021.
“Cyber losses could shift to hit reinsurance costs as insurers embrace standalone products over packages to mitigate silent cyber risks
A leading analyst has warned that cyber insurance is set to see price hikes and a tightening of terms as underwriters look to recoup the spike in ransomware losses.
Gerry Glombicki, director in the insurance division at Fitch Ratings, said underwriters had been badly hit in 2020 by the rise in both the number and scale of cyber attacks.
Speaking during an online seminar this month as part of the credit rating firm’s Monte Carlo Reinsurance Rendezvous 2021 series, Glombicki said the figures outlining the cyber threat were now significant."