Hunton insurance attorneys, Walter Andrews, Andrea DeField, and Sima Kazmir, recently published an article in the Daily Business Review, discussing the scrutiny that companies face as a result of increased cyberattacks as well as tips for your next cyber insurance renewal.
A recent U.S. Treasury Department report noted that through June 30, 2021, the total value of suspicious activity associated with ransomware transactions was $590 million. The standalone cyber insurance industry has grown to address this pervasive risk. These major shifts in the cyber landscape mean that companies must address increased scrutiny from both regulators and insurers.
A survey of recent regulatory and insurer trends provides meaningful lessons for companies looking to mitigate cyberattack risks using their insurance portfolio. The article discusses how a company can leverage existing policies and ensure the most robust available coverage at renewal.