Ransomware payments for cyberattacks have raised concerns for cyber insurers, leading to a hardening of the market. The industry is seeing new limits on cyber extortion and ransomware coverage for certain insureds as well as additional underwriting at both the initial policy procurement and renewal stages. On the policyholder-side, renewals are becoming more challenging for businesses as cyber insurance is becoming more expensive while less coverage is being offered.

“In other words, insurers want policyholders to accept less for more,” Partner Peter Halprin told Law360.

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