April 18, 2021

Volume XI, Number 108

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April 16, 2021

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April 15, 2021

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50% increase for Cyber Insurance in 2021!

My good friend Judy Greenwald at BusinessInsurance.com reported that Aon PLC stated that “Policyholders can expect 20% to 50% rate increases for cyber coverage throughout 2021 as trends that began last year continue at an accelerated pace,…”  The March 4, 2021 report entitled “Cyber insurance rates to increase 20-50% this year: Aon” included these comments from Aon:

To maintain a commitment to long-term stable cyber capacity, insurers are reviewing areas in their portfolio where underwriting action is needed, and reevaluating capacity deployment, specifically as it relates to ransomware losses,...

….trends to watch include errors and omissions exposures stemming from many organizations’ accelerated digital transformation initiatives; potential vulnerabilities from the use of Remote Desktop Protocol software; breach regulations, as the regulatory environment continues to grow in complexity; cyber extortion, with ransomware attacks evolving to include the threat of exposure of sensitive data on the public internet in addition to the encryption of sensitive data; and vendor risks, because of organization’s reliance on third-party technology and back-end applications.

Everyone saw this new coming!

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© 2021 Foley & Lardner LLPNational Law Review, Volume XI, Number 64
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About this Author

Peter Vogel, trial attorney, Foley Lardner
Partner

Peter Vogel is renowned as both a trial and transactional lawyer who deeply understands technology, science and intellectual property, and the opportunities and problems they pose for clients. Governments and administrative agencies, as well as major corporations and emerging businesses, rely on Peter to get right to the heart of an information technology or e-discovery dispute; he knows what to expect and how it will play out in the courtroom. This eliminates unproductive rabbit trails and reduces the cost of litigation for all parties. When negotiating agreements for...

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