Recent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage.
“Insurance companies have rightsized their books. They know which clients they want, which clients they don’t want, and now they’re doubling down on the good clients,” Ilan Serman, president of Ontario at Gallagher Canada, told CU.
But what are clients doing to get themselves into cyber underwriters’ good graces?
Insurers are looking for Canadian companies that have invested time and money into implementing preventative cyber loss control measures.
Such best practices will always be amorphous, as cybercriminals find a way to defeat them. However, most recently, they include employee training, password protection policies, network infrastructure patches and software upkeep.
And…
