After rising nearly 30% at the end of last year, cyber insurance rate hikes have slowed in 2023, according to insurance broker Marsh. CFOs are feeling the pressure and often press CISOs to accept lower coverage limits to mitigate the higher rates.
That’s a big mistake. At the Atlanta-based firm Snellings Walters, Ralph Pasquerello advises organizations on covering their financial assets from cyber losses.
Ralph was on his way to being an NFL player when an injury ended that career. He moved into shipping, working on the 98th floor of the World Trade Center, then to commercial printing, and eventually insurance, narrowing his focus on cyber insurance long before it was cool.
90% of organizations are underinsured. Many executives don’t think their data or their IP is of great value to hackers. And many CFOs are only interested in holding down premiums. And they almost always fail to consider the expense of downtime after a breach.
In this podcast, we’ll set the record straight about the evolving cyber insurance market from one of the country’s most experienced players.