{"id":7794,"date":"2024-01-11T14:34:29","date_gmt":"2024-01-11T20:34:29","guid":{"rendered":"https:\/\/www.bbrown.com\/insight\/cq1-cyber-market-update\/"},"modified":"2024-01-11T14:34:29","modified_gmt":"2024-01-11T20:34:29","slug":"cq1-cyber-market-update","status":"publish","type":"insight","link":"https:\/\/bbrown.com\/ca\/insight\/cq1-cyber-market-update\/","title":{"rendered":"Q1 Cyber Market Update"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Q1 Cyber Market Update\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Q1 Cyber Market Update\n <\/h1>\n\t\n <\/div>[vc_column_text]<\/p>\n

Market Conditions<\/h3>\n

The stabilization of the cyber market is contending with a steady uptick in ransomware attacks and incidents. This has led to current renewals trending from -5% to +5% changes in premium for companies with improved controls. Companies that have yet to demonstrate year-over-year improvements to IT security controls, or those with recent incidents, are more susceptible to further increases.<\/p>\n

Claims<\/h3>\n

Cyberattacks increased in frequency throughout 2023. Ransomware negotiator, Coveware, notes the percentage of companies paying a ransom demand has decreased considerably over the past year. However, when ransoms are paid, the amount being paid has notably increased.<\/p>\n

Ransomware Attacks*<\/h3>\n

493.3 MILLION<\/strong><\/p>\n

-21%<\/p>\n

Premium & Retention<\/h3>\n