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Abstract
For the first two decades, the cyber insurance market rewarded entrepreneurial insurers who embraced uncertainty (or ignorance) while offering innovative insurance products. The supply increased as insurers expanded into the new product. Applicants and brokers began to seek out those underwriters who had the lowest underwriting standards and price, which preventing informed insurers from applying their expertise. Ransomware shattered this equilibrium, creating space for insurers—both traditional carriers and start-ups—who can accurately price risk and nudge policy holders towards better security. Looking forward, we should expect technologists who can understand and measure cyber risk to thrive.
