The surge in ransomware attacks in recent years has led to a steep rise in cyber insurance premiums that offset the cost of business data breaches. Experts claim the market is starting to stabilize as businesses adapt to threats and are able to better protect their systems.
In a piece from The Wall Street Journal, data, privacy & cybersecurity partner Ed McNicholas offered his insight into the cyber insurance market. “Some businesses have opted against the insurance. But not all companies can, as some must have cyber insurance to work with partners. Proposed government regulations around breaches could also drive businesses to turn to companies to unload some risk.”
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