{"id":2708,"date":"2021-02-26T10:47:59","date_gmt":"2021-02-26T15:47:59","guid":{"rendered":"https:\/\/lg-staging.lougcloud.com\/?p=2708"},"modified":"2026-07-13T05:14:56","modified_gmt":"2026-07-13T10:14:56","slug":"small-business-owners-beware-your-cyber-insurance-rates-are-about-to-go-up","status":"publish","type":"post","link":"https:\/\/lg-staging.lougcloud.com\/?p=2708","title":{"rendered":"Small Business Owners, Beware. Your Cyber Insurance Rates are About To Go Up"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-85bp3-f856194ef33e7bc72ec0d3bf98278fce\">\n.flex_column.av-85bp3-f856194ef33e7bc72ec0d3bf98278fce{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-85bp3-f856194ef33e7bc72ec0d3bf98278fce av_one_full  avia-builder-el-0  el_before_av_section  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><p><br \/>\n<section  class='av_textblock_section av-k0pon615-83a3f74a3a12ae3df6b12e1982bff3e8 '  ><div class='avia_textblock' ><h1>Small Business Owners, Beware. Your Cyber Insurance Rates are About To Go Up<\/h1>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-k0pop9td-34c3529061cd7bb9ffd7b4d3c815c3f0 '  ><div class='avia_textblock' ><p>The past few years have not been kind to insurance carriers. Between the pandemic, record-breaking numbers of natural catastrophes, and the surge in cybercrime and ransomware attacks, many insurance carriers reached (or surpassed) a tipping point.<\/p>\n<p>According to insurance experts, cybercrime is of the upmost concern. Cybercrime related claims, including ransomware, went up 100% in 2020 (from 2019). Average pricing for cyber insurance was already on the rise, with rates increasing by 5-10% from 2019-2020, but according to the report, those rate increases were not enough to compensate for the number of incidents and the overall severity of those cases. E&amp;O\/Cyber pricing is expected to rise 20-50% throughout 2021.<\/p>\n<p>To compensate, insurers are \u201creviewing areas in their portfolios where underwriting action is needed, and reevaluating capacity deployment.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2709\" src=\"https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements.jpg\" alt=\"\" width=\"2000\" height=\"1333\" srcset=\"https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements.jpg 2000w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-300x200.jpg 300w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-1030x686.jpg 1030w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-768x512.jpg 768w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-1536x1024.jpg 1536w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-1500x1000.jpg 1500w, https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2021\/03\/cyber-insurance-requirements-705x470.jpg 705w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<p>What does this mean for small businesses who aren\u2019t up to snuff on insurance lingo?<\/p>\n<p>To find out, we turned to our Director of Sales, Scott Barlow, who sold insurance for 10 years prior to joining Louisville Geek.<\/p>\n<p>\u201cThis likely means insurance companies will start tightening the requirements to even be eligible to purchase cyber policies,\u201d he said. \u201cExpect them to require onsite and cloud data backups, disaster recovery plans, network and end-point security solutions to be in-place prior to being offered coverage.\u201d<\/p>\n<p>While price increases in 2021 are inevitable, the SolarWinds compromise has prompted insurers to review their terms and conditions of coverages. The extent of coverage provided for business interruption losses is being reviewed by several insurers. While it\u2019s still unclear how this will play out, it\u2019s clear that small businesses will be required to meet certain standards to qualify for certain packages.<\/p>\n<\/div><\/section><\/p><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='newsletter-cta'  class='avia-section av-k94bv4z5-3db5045821716543f466fd2ed6fe087e main_color avia-section-default avia-no-border-styling  avia-builder-el-4  el_after_av_one_full  avia-builder-el-last  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-2708'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-51vv-890cb9339298166528b66afbca7f3287\">\n.flex_column.av-51vv-890cb9339298166528b66afbca7f3287{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-51vv-890cb9339298166528b66afbca7f3287 av_one_half  avia-builder-el-5  el_before_av_one_half  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-k91ny805-e4fa07328a97eaf5a443b98b19009ade '  ><div class='avia_textblock' ><p>Louisville Geek provides comprehensive managed IT services for a diverse range of businesses and non-profit organizations. We are passionate about IT and love what we do!<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2sej-3ae0b85a4ea0cf26f8956379e2e0883d\">\n.flex_column.av-2sej-3ae0b85a4ea0cf26f8956379e2e0883d{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2sej-3ae0b85a4ea0cf26f8956379e2e0883d av_one_half  avia-builder-el-7  el_after_av_one_half  avia-builder-el-last  flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-k94busar-1ebe35827b8056452803c9570dc5b3a4 '  ><div class='avia_textblock' ><h3>Stay updated by signing up for our newsletter<\/h3>\n<\/div><\/section><br \/>\n<\/p><\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurers are \u201creviewing areas in their portfolios where underwriting action is needed, and reevaluating capacity deployment.\u201d This likely means insurance companies will start tightening the requirements to even be eligible to purchase cyber policies,<\/p>\n","protected":false},"author":1,"featured_media":2709,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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