How is the cyber insurance market evolving to address emerging threats, and what trends should businesses watch?
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How is the cyber insurance market evolving to address emerging threats, and what trends should businesses watch?
The cyber insurance market is continuously evolving to address emerging threats by expanding coverage options, increased underwriting scrutiny, adjusting policy terms, and incorporating innovative risk assessments and pricing models such as using cyber risk scoring algorithms. Businesses should watch for trends like the rise of specialized cyber insurance products tailored to different industries, collaboration between insurers and cybersecurity firms to provide more comprehensive coverage, and the growing importance of incident response services in cyber insurance policies to effectively manage post-incident costs and liabilities.