FEATURE
adding more exclusions . While there are no signs of insured companies wanting to drop coverage , if carriers don ’ t like anything they find during the underwriting process , apart from increasing premiums or cutting limits , they are becoming increasingly likely to simply walk away .
To make things even harder for organisations seeking coverage , insurance companies have realised they also need to diversify . Companies exist in a cyber ecosystem and attacks on one company can have a huge knock-on effect . For example , a single ransomware attack on a third-party provider could be catastrophic ; carriers who insured many companies using the SolarWinds software would have faced huge losses as a result of the 2020 attack . In turn , as insurers attempt to spread their own risk through reinsurance , reinsurers are also tightening their own guidelines and reducing coverage .
Organisations seeking coverage will have to ensure their security posture is up to scratch
The upshot is , in order to both secure coverage and help prevent the complete destabilisation of the cyber insurance
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