Privacy risk is so 2014, right?
Ten years ago, numerous retail and healthcare companies were hit with data breaches related to the exposure of credit card or healthcare data. Given many data breach claims, which included fines by state attorney generals and the payment card Industry, the cyber insurance market focused on privacy risk.
This focus remained until 2017, when ransomware claims developed into more substantial matters, triggering large business interruption losses for carriers. Underwriters accordingly focused on ransomware exposure to minimize the potential for business interruption claims.
However, in 2024,