Woodruff Sawyer, one of the largest independent insurance brokerages in the US, announced today the release of the 2024 Cyber Looking Ahead Guide. Covering the decline in pricing, cyber warfare, new SEC regulations, the emergence of personal liability for CISOs and AI’s impact on cyber risk, the Guide is a must-read for any company purchasing cyber liability insurance in 2024.
In last year’s Guide, we celebrated a normalizing insurance market, however, the cyber insurance market continues to evolve, and the industry continues to face new and serious risks. External factors affecting the market include wars, federal and state regulations, and the risk of artificial intelligence. The insurance market has responded with an unclear war exclusion and coverage restrictions for systemic risk and privacy violations, while companies struggle with timely disclosures to avoid SEC enforcement and actions. In addition, companies are dealing with alarming levels of ransomware.
Underwriters in our annual survey think cyber risk will increase in 2024 – more than half think this will be the case, a higher percentage than last year. Underwriters are also concerned about ransomware attacks (94%), supply-chain attacks (75%) and privacy violations (69%). Most think premiums will increase slightly.
Dan Burke, Senior Vice President, and National Cyber Practice Leader notes, “As the market shifts, companies must understand their changing risks and adjust accordingly. One way to stay on top of changes: Woodruff Sawyer’s annual Cyber Looking Ahead Guide, where we aim to give you clarity on the trends that affect your insurance coverage and rates. We understand the cyber risk challenges businesses face today. With our extensive expertise and experience in cyber liability, we leverage data to empower our clients to make informed decisions about their cyber risk management strategy and insurance programs.”
For deeper insights, advice, and our predictions for the cyber liability landscape in 2024, please join our Cyber Insurance Trends: Looking Ahead to 2024 webinar on January 23, 2024, at 10 AM PST/1 PM EST.
About Woodruff Sawyer
As one of the largest independent 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.