Key Takeaways From The American Bar Association's Cybersecurity & Data Privacy Conference

Stites & Harbison attorneys, Shannon Sprinkle and Peter Critikos, joined other cybersecurity stakeholders gathered a few blocks from the firm's Atlanta office for the American Bar Association's Cybersecurity and Data Privacy conference to exchange thoughts on the state of the industry and market developments. Shannon and Peter share their thoughts on some key highlights from those discussions. While geopolitical events have injected much uncertainty into the space, several trends have developed, which are unlikely to disappear anytime soon.

The Cyber Insurance Market Has Hardened. Consistent with the insurance market generally, the cyber insurance market has become increasingly hard. Premium hikes as high as 500% and reduced limits have grown alarmingly common. Increased claim volume (predominantly involving ransomware attacks), the potential for systemic fallout, and the ever-evolving threat posed by sophisticated hackers have caused underwriters to veer