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Brad Gow, Global Cyber Product Leader, Discusses Sompo International’s Approach to Cyber Coverage in an Article Published by Reuters

January 29, 2020

While the frequency of ransomware claims appears to have leveled off and decreased, severity has increased. Brad Gow, Global Cyber Product Leader, discusses Sompo International’s approach to addressing the changing cyber climate in an article published by Reuters. Noting that the company is reviewing criteria for businesses that have been most vulnerable to ransomware, he commented that insurers (including Sompo) may also lower amounts they pay for ransomware attacks against higher-risk companies or shift to coinsurance, in which policyholders would pay 20% to 30% of ransomware claims. He added that they might also require those policyholders to have data-backup procedures, comparing these potential changes to requiring airbags or sprinkler systems. “We can drive a win-win by helping our clients become better protected,” he said.

Read the full article on Reuters