By Shawn Rice (August 13, 2021, 11:45 AM EDT) -- Ransomware payments for cyberattacks have raised concerns for cyber insurers, but experts say those worries haven't led to a mass exodus in the cyber insurance market, just a hardening.
The cyber insurance market's reaction to headline-making attacks has been one of mitigation, experts say. Particularly, insurance experts have seen new limits on cyber extortion and ransomware coverage for certain insureds and additional underwriting at both the initial policy procurement and renewal stages.
Insurance premiums are indeed going up, but Thomas Reagan, cyber risk practice leader at Marsh, said the reason is the volume of cyber claims actually being paid by carriers....
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