InsurTech Center

The WFH impact on the cyber insurance market

Many insurers are focused on ransomware, but the rise of work-from-home culture has created other cybersecurity exposures.

By Yakir Golan | July 22, 2021 at 12:00 AM

There has been plenty of news over the last year about how COVID-19 has accelerated problems in workers' compensation and other standard lines of insurance, but one of the most significant pandemic-related challenges has been an increasing number of cyber attacks and the resulting impact on underwriting and increased accumulated risk exposure. (Photo: daniilvolkov/Adobe Stock)

Not long ago, insurers engaged in cash flow underwriting for cyber policies, writing at lower rates to collect premiums because it wasn’t viewed as the volatile and catastrophic line of business it is today.

The COVID-19 pandemic has contributed to a hard market that’s increasing premiums. But it’s more accurately a recalibration of cyber risk assessment.

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