In a recent report from S&P Global Ratings (S&P), cyber contracts need “clear and precise policy wording” to reduce the uncertainty among buyers and insurers and to reach a sustainable and efficient market.
Due to a surge in the cyber insurance sector, the market will continue to expand and is expected to reach $22.5 billion by 2025. However, the industry will need to improve risk modeling to support and take advantage of the potential market capacity.
The increased rate of ransomware attacks, alongside an increase in price for policies, calls for more strict underwriting processes and tighter terms and conditions to eliminate the threat of these attacks from the cyber insurance market.
To read more on what that could mean for your business, click here.