Cyber insurance costs are down thanks to a competitive market, which has allowed many of our clients to save on premiums. We are predicting prices to continue to fall in 2025, and underwriters surveyed this year were more optimistic about premiums than they were last year. But while the pricing environment suggests stability, cyber risk is increasingly volatile.

Cyber risk continues to grow due to factors such as data collection practices, third-party and systemic attacks, regulatory enforcement, the growing use of artificial intelligence, and changing privacy laws and litigation.

Artificial intelligence remains a hot topic. As we noted in last year’s Guide, increased use of AI tools can lead to increased cyber risk. However, these risks are still uncertain, making it more important for companies to include AI in their cyber policies. In fact, many underwriters predict AI will receive coverage expansion.

As the market evolves, it’s crucial for companies to understand their shifting risks and adapt accordingly. At Woodruff Sawyer, we recognize the cyber liability challenges businesses face today. Our expert team is committed to helping protect our clients by offering valuable insights and education.

With deep expertise in this specialized field, we use data to empower our clients to make informed decisions about their cyber risk management strategy and insurance programs. If you have questions or need guidance on mitigating and transferring cyber risks, or on any of the data presented in this Guide, reach out to our cyber insurance specialists.