Cybersecurity has become a hot topic over the past couple of years due to several high-profile cyber attacks. Almost every type of business has some exposure to cyber and privacy risk which makes this a universal concern for insureds. This is especially true for public entities as they have increasingly become targets for hackers.

This increasing awareness has fueled demand for cyber insurance. However several recent high-profile attacks like the Colonial Pipeline hack have changed the cyber insurance market since the costs to recover from such attacks can be catastrophic. Cyber renewals have increased dramatically, and underwriters are requiring evidence that insureds have implemented effective cybersecurity practices to minimize losses before offering or continuing coverage. Read more…