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Navigating Cyber Insurance: Q3 Insights, Trends, and Your 2024 Strategy

December 6, 2023

Small and Mid-Size Enterprises

Understanding cyber insurance dynamics is paramount for business executives steering mid-size companies. As we delve into trends and insights from Q3, we encourage you to evaluate your current policy and consider if you need to make adjustments or seek new quotes.

Cyber Insurance Prices

One exciting trend highlighted in the Q3 data is the favorable buying conditions. Due to increased competition in the cyber insurance market, Q3 was a buyer’s market. Many companies saw reductions in their premium rates at renewal time, and frequently, they reinvested those savings in additional coverage. 

For organizations with less than $100M in annual revenue, cyber insurance renewal rates have generally stayed the same, increased slightly, or decreased marginally. 

Insurance Journal found that global cyber insurance rates fell by 2% in Q3. In the United States, they reported a 6% decrease. According to the Journal, this is the first average decrease in cyber insurance rates since 2018.

See more Cyber Insurance blog posts from Dewpoint


The frequency of ransomware claims continues to increase, with Q3 of 2023 showing a higher rate than the previous quarters this year. There have been significantly more claims this year than in 2022. 

War and Infrastructure Exclusions

Throughout 2023, war and infrastructure exclusions in cyber insurance policies have been a hot topic. With continuing conflicts around the world, including the war in Ukraine and the Israel-Hamas war, those looking for cyber insurance coverage are seeking policies with flexibility in these typical exclusions. Thanks to the competitive market, some have been successful.  


Concerning the municipal market, large municipalities have had an easier time securing increased capacity in 2023. In 2022, the standard capacity limit for large municipalities was $20M. This year, some have raised their capacity limit to $50M in coverage. 

Looking Ahead to 2024

As we approach 2024, a proactive stance, informed by data-driven insights and bolstered by case studies, is essential for devising effective risk management strategies. 

According to Huntress, 41% of mid-size organizations outsource their cybersecurity to a third-party vendor, and 61% don’t have dedicated cybersecurity experts in-house. Have you considered entrusting your cybersecurity to specialists? Read more about Dewpoint’s security services.

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Dewpoint, an award-winning, Michigan-based technology firm, has been helping businesses prepare for, stay ahead of, and respond to IT challenges for over 26 years. From IT security to infrastructure management to automation, cloud migration, and beyond, Dewpoint has long been a trusted technology resource for businesses. 


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