The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due to a lull in ransomware throughout 2022, and improved cybersecurity controls.
A recent survey conducted by independent insurance brokerage and consulting firm, Woodruff Sawyer shows that a substantial amount of underwriters believe that cyber risk will increase in 2024.
In particular, underwriters are concerned about ransomware attacks (94%), supply-chain attacks (75%) and privacy violations (69%).
