Is Cybersecurity insurance about to give up?

[Caute_cautim]

Hi All

Lloyd's of London have given notice that they will reduce cover for cyber-insurance, how is this likely to affect organisations?  Will it affect your organisations and will if change their approach to cybersecurity?

How will the attackers approach change? 

https://www.scmagazine.com/feature/policy/as-the-cyber-insurance-bubble-begins-to-burst-the-market-s...

Regards

Caute_Cautim

[AppDefects]

See the Report on the Cybersecurity Insurance Market here prepared by NAIC. Organizations will continue to spend on coverage. Rates will continue increase because of demand and loses. Eligibility terms will become tougher.

Premiums will continue to out pace actual organizational spend on cyber and that my friends is the real problem. Controls must be in place and be verified - stop the paper exercises! In the future organizations will be asked, by the smart insurances willing to reduce premiums, to show us you policy-as-code. That is what matters today in the Cloud.

[Caute_cautim]

@AppDefects   Your link didn't work for me:  https://www.insurancejournal.com/news/national/2021/11/09/641279.htm

Until I realised the PDF had been downloaded multiple times, with no notificaiton.  Duh

"Currently, cyber insurers are seeing their expenditures surpass 70% of premiums paid and thus it should be “no surprise that cyber insurance premiums are on the rise,” the report notes. NAIC said insurers’ price increases are likely to be reflected in the 2022 version of its cyber report."

It is also interesting that House Insurance providers, also provide in some cases coverage too.

Regards

Caute_Cautim

[Caute_cautim]

@Lane69   Yes, I have found there is notification at all when a PDF is downloaded, unless one watching the download arrow on the top bar.  This is annoying, but also reminds us to be even more observant too.

Regards

Caute_Cautim

[denbesten]

Most browsers have a setting to toggle between PDF display vs download, but they tend to hide the setting and sometimes change your preference for you. 

I tend to use Dr. Google to help me find the setting when I need it.