Is the cyber market turning another corner?

The cyber insurance market, which has experienced stability following years of price increases and coverage restrictions, could see significant changes in pricing within the next year due to an evolving threat landscape and other pressures, according to Jennifer Wilson, senior vice president at Newfront. Wilson believes the market is about eight months away from a shift in competitiveness, but she does not expect rates to rapidly inflate as they did after the pandemic, thanks to the focus on network security controls in the underwriting process. Cyber insurance brokers face challenges in staying updated with the constantly evolving nature of cyber risk and the lack of standardized policies in the market. Despite the challenges, Wilson finds the dynamic nature of the sector to be exciting and not conducive to complacency.