Cybersecurity Controls are Driving Insurance Renewal Terms and Pricing

Denise GillinNews, Risk Management

By Maureen Gallagher for AssuredPartners

Cyber insurance pricing has increased significantly in the last several years. Loss frequency and severity is driving the pricing increases with ransomware as the loss leader. Underwriters are scrutinizing internal controls, and are either providing very low limits ($100K to $250K), or are no longer willing to write ransomware without multi-factor authentication (MFA). MFA is a security setting that requires users to provide more than one method of verification to gain access to websites or applications. It is also referred to as two-factor authentication.

MFA is the top requirement, but underwriters will also inquire about the following>>>

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