“After paying out $7 billion in 2021, cyber insurers are worried about the sustainability of this crucial business insurance coverage. “
Glenn Baruck, The eDot Family of Companies
In its infancy, cyber insurance was a high-profit segment of the insurance industry. Today, this essential part of the commercial insurance industry has done a complete 360 in terms of profitability and, due to the ongoing onslaught of claims, may be on the brink of collapse.
Last year some carriers paid out more in claims than they received in premiums which has industry leaders looking for ways to reduce their exposure and shore up the business before it’s too late.
In this article for securityinfowatch.com, author Stephen Moramarco examines the current state of affairs and what the industry is doing to try to salvage what experts now feel is essential to the future survival of businesses.