A Final Look Back: Our Most-Read Blogs of 2020
Our readership was keen to stay up to speed on this quickly changing pandemic risk environment throughout the year but readers also enjoyed learning about cyber coverage, new tech and risk mitigation.
The past year brought new challenges to businesses — and the insurance brokers who advise them about coverage too. Cyber risks soared as the Covid-19 pandemic charged through the U.S. Workforces shifted to remote work, adding new challenges for IT teams managing cybersecurity, while a surge of ransomware attacks kept everyone on high alert.
As We Kick off 2021, Here’s a Final Look Back at 2020 Blog Posts Worth Re-Visiting:
As millions of Americans shifted to working from home in 2020, brokers became concerned about whether cyber liability policies will respond if a cyber incident’s cause or vector is a remote-based worker. With businesses expanding remote work to long-term plans through 2021, the question remains top of mind: Read here →
Artificial Intelligence (AI) and insurance is a union that’s often discussed, but less often displayed with real-life applications. In 2020, the Corvus data science team set out to change that in a two-part story on how AI is actually deployed in commercial insurance. Read up on both parts for a better understanding of Tech E&O risk: Read here →
As society convulsed with the effects of a global pandemic, the Corvus Smart Breach Response team has been tracking how the shifts in business, government, legal and social spheres have impacted breach response efforts. Learn more about handling a breach response amidst a global pandemic: Read here →
Ransomware attacks commanded cyber headlines in 2020, attacks growing in frequency and severity. Meanwhile, RDP became the number one threat vector used for ransomware attacks. While IT teams worked around the clock in 2020 to protect their systems, things still slip through the cracks. Give your clients peace of mind in the year 2021: Read here →
Many businesses fortified cybersecurity in response to remote work, but can the same be said for third-party vendors and business partners? Read up on Contingent Business Interruption coverage to meet your clients’ concerns around third-party risk with confidence: Read here →
The rise of remote work and growing concerns over ransomware acted as partners-in-crime to get organizations to hone in on risk mitigation efforts over the past couple years. Through compiling our Risk Insights Index, we found that with certain initiatives — safer or reduced usage of RDP, growing use of email security tools, and other measures taken to limit the impact of threat actors — businesses are more prepared than a year before and ready to play defense. Those efforts are borne out in our finding that the rate of companies who pay a ransom when attacked with ransomware fell by half within a year.
The whisperings of “firming rates” start first, quietly in business meetings, then published in industry reports. Soon to follow, rumblings of a “hard market” are brought to the conversation. It’s cyclical in nature, and we see it across all insurance lines at one point or another. For years, Cyber Insurance stretched far and wide with “soft” market conditions, remaining highly profitable. Now that period of growth, with exceedingly available coverage and inviting terms, has stalled in the face of a hard market.