Woodruff Sawyer’s 2023 Cyber Looking Ahead Guide Details Issues Facing Cyber Insurance Buyers from Pricing to Legal Liability
SAN FRANCISCO, Jan. 10, 2023 /PRNewswire/ -- Woodruff Sawyer, one of the largest independent insurance brokerages in the US, announced today the release of the 2023 Cyber Looking Ahead Guide. Covering pricing, regulatory requirements, legal liability and risk mitigation trends, the Guide provides expert advice for any company purchasing cyber liability insurance in 2023.
The good news is that leading into 2023 it appears that the cyber insurance market is normalizing. After two years of price increases and a downturn in the frequency of ransomware attacks, insurance carrier loss ratios are healthier now. While that doesn’t translate into decreasing prices, it does point to prices moderating.
From a regulatory standpoint, companies doing business in California face new challenges with the newly enacted CPRA, which became operational on January 1, 2023. In addition, new Securities and Exchange Commission (SEC) regulations are on the horizon with rules intended to improve cyber governance, enhance cyber risk oversight and drive more timely cyber incident disclosures.
At the same time, CISOs and C-Suite executives are increasingly liable for cybersecurity failures. While accountability isn’t new, being held criminally liable is, making the need for comprehensive insurance coverage a must.
Dan Burke, Senior Vice President, and National Cyber Practice Leader notes, “The last few years have been challenging so we’re all breathing easier with pricing normalization. Meanwhile, carriers remain highly concerned about the impact of widespread cyber events and we’ll continue to see a focus on security controls, as carriers demand their customers invest even more in cybersecurity. Building a comprehensive cyber program is vital for all companies and that’s where our expertise comes in – we’re here to navigate, advise, and problem solve.”
For deeper insights, advice, and our predictions for the cyber liability landscape in 2023, please join our free Cyber Insurance Trends: Looking Ahead to 2023 webinar on January 25, 2023, at 10 AM PST/1 PM EST.
About Woodruff Sawyer
As one of the largest insurance brokerage and consulting firms in the US, Woodruff Sawyer protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property and casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, we provide expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents. For more information, call 844.972.6326, or visit woodruffsawyer.com.
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SOURCE Woodruff Sawyer