What is driving this change?
Simply put, significant increases in the frequency and severity in the claims environment, driven primarily from ransomware events.
Governments, councils, universities, schools, NHS trusts and local authorities have been the targets of these for several reasons, including highly desirable data (pandemic research), perceived inferior security controls to commercial organisations and sensitivity of institutions to damage reputations.
These claims often involve several parts of a Cyber and Data insurance policy beyond extortion, such as breach response, business interruption and data restoration. As such the market is in a correction phase across the board, but particularly in this sector.
Our new report gives a cyber and data insurance market overview and a update on risk management standards.