According to insurance brokerage Risk Strategies (RS), in their State of the Market 2022 Update, the cyber insurance market is showing signs that it's starting to stabilise after years of significant increases in premium rates. Under the right circumstances, RS predicts 2023 rate increases could decelerate to the 10-25% range. This comes after average increases of 50% during Q1 and Q2 of 2022 before slowing to 30-40% in Q3. More stringent security requirements by insurers have helped to improve security awareness and cyber-maturity, which are the underlying factors behind this stabilisation.
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