In a recent Legaltech news article, “Legal Tech’s Predictions for Cybersecurity in 2022,” Martin Tully discusses shifts in cyberinsurance due to the increased risk of ransomware attacks.

As ransomware has knocked many companies across the world offline, often with devastating consequences, many companies are learning the wide range of requirements and investments that surround increased cybersecurity efforts.

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Martin Tully, partner, Redgrave LLP: “The increased scope and frequency of ransomware attacks has significantly impacted coverage and premiums for cyber insurance. Organizations are being faced with increasing deductibles, insurability requirements, and more detailed questionnaires (‘health assessments’) in order to qualify for coverage—coverage that potentially could be too costly to secure if an organization is deemed ‘unhealthy.’ This situation will continue to be a catalyst for organizations to more rapidly and robustly implement industry-standard data security programs to comply with insurance requirements and qualify for lower premiums.”

Read the full Legaltech News article here.