News and Analysis

Cyber insurance expert, Michael O’Connor says that ransomware claims have evolved from third-party liability claims to first-party liability claims. Corporations are now often the party responsible for incurring expenses, as threat actors find it more efficient to hold data ransom instead of attempting to sell it on the dark web. O’Connor also notes the trend of eased restrictions on cyber coverage, particularly around ransomware, as the pandemic has driven up these types of claims and the industry is offering full limits again.