Cyber insurance prices are rising, driven by a sharp rise in ransomware claims, Moody & # 39 ;s Investors Service Inc. said in a report on Thursday. reported by brokers, the credit rating agency said in the report.
Insurers also closely monitor new business and add additional insurance criteria to deal with rising claims, says Moody & # 39; s. but currently the capacity of the market remains relatively stable, the report says.
Unique difficulties in taking out cyber insurance include a lack of uniform policy formulation and the growing nature of the risk that creates a changing goal for the parameters of cyber models. , Sa Moody & # 39; s.
"A challenge for insurers is the potential for risk accumulation given that the same event could affect multiple policyholders in geographies and industries., Says the report.
It will take time for insurers to determine which of their customers are exposed to the Sunburst cyberattack through SolarWinds software, says Moody & # 39; s.
"We expect insurers to evaluate the extent and nature of the attack, adjust warranty (for example, look at vulnerabilities related to supply chains and third-party vendors) and help customers address the sensitivity to future attacks, the report says. by shifting cyber risk to stand-alone policies or introducing cyber-sublimits or exclusions into traditional policies, Moody & # 39 ;s said.
Insurers are still well capitalized to absorb the growing loss experience related to cyberattacks, the rating agency said.