We are all well aware that ransomware exposures and impacts have grown rapidly as professionals have shifted to working from home because of the pandemic, resulting in expanded threat and attack surfaces. By some accounts, ransomware attacks increased nearly 150% in the past year, and insurance claims and costs of payments skyrocketed after having already jumped approximately 230% between 2018-19. Insurance claims from cyber/ransomware events have consumed up to 40% of the claims of some insurers’ cyber books.

The challenges of underwriting the small and medium business (SMB) market are well documented: Challenging life expectancy of SMBs and thin margins make pricing efficiency vital and difficult. Traditional underwriting methods are costly and slow in a market where volume is key and waves of changes impact risk.