🎙️ Episode Show Notes:

In this episode, we discuss an important update from Marsh LLC — one of the largest insurance brokers in the U.S. — and what it means for business owners concerned about cyber liability insurance.

Key Takeaways:

• Cyber insurance rates may finally begin to ease after years of rising premiums and reduced coverage.
• The cyber liability market has been difficult due to high uncertainty and increasing cyberattack claims.
• Insurers are now adjusting rates as businesses become more proactive in managing cyber risks.
• A major shift: insurers now see that businesses understand they are potential cyberattack victims and are acting accordingly.
• When businesses take cybersecurity precautions, insurers can offer more reasonable quotes.
• The situation is similar to traditional insurance — just like fire or slip-and-fall risks, cyber risks require proactive measures.
• Cyber awareness and risk prevention are now reducing the frequency and severity of cyber insurance claims.
• Companies with best practices and strong cybersecurity protocols are more likely to secure solid policies.
• There's cautious optimism that both insurers and businesses are improving at controlling ongoing losses.
• Now is a great time for tech-forward companies to re-evaluate their cyber insurance strategies and ensure they’re covered.