In the face of a cyber market with rising premiums and less available capacity, insurance technology startups are making cyberinsurance accessible to smaller businesses in ways that traditional carriers were previously unwilling to try but are now beginning to adopt.
While the market for cyberinsurance continues to be marked by caution amid constantly evolving cybersecurity threats, that has not stopped several so-called insurtechs from entering the market. Insurtechs use new technologies to make issuing insurance more efficient and to disrupt the insurance market.
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"When you're dealing with lots of small businesses with limited premium upside, the insurance industry and, in particular, some brokers, will not be able to dedicate the resources that small policyholders still would want and probably need," Joshua Gold, a policyholder attorney at Anderson Kill PC, told Law360.
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