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Insurers documenting and sharing controls failure data would mark a significant step toward being able to quantify the end-to-end relationships between threats, security compliance and incident outcomes. (Credit: momius/Adobe Stock) Insurers documenting and sharing controls failure data would mark a significant step toward being able to quantify the end-to-end relationships between threats, security compliance and incident outcomes. (Credit: momius/Adobe Stock)

Cyber insurance was once seen as a bright spot for the insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. That has rapidly changed as loss ratios climb — up 50% in 2020 and well above that in 2021.

Ransomware is the main culprit for this rise and the threat is increasing. Attacks climbed more than 125% last year. These trends are causing some insurers to withdraw from the cyber market altogether.

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