Q2 Cyber Market Update
As we march into Q3, this is a good time to reflect on the past six months and review the initial 2023 claims data now being published to identify exposures that need attention moving forward. In the cyber market, 2023 has seen a surprising upward trend in cyber claims, specifically ransomware attacks. This increase is interesting because the previous year (2022) saw a small dip in numbers, which allowed the market to soften a bit and enabled insureds to access robust coverages at favorable prices (similar to pre-pandemic rates).