RM

1. Read the article on Blackboard/Articles/Topic 2 regarding the cyber insurance market: "Cyber Market Forced to Mature Amid Surge in Losses." a. Recall our discussion in class about "Insurance Market Cycles." Can you list three characteristics of a "hard market" and three characteristics of a "soft market"? (6 points) b. Based on the article, was the cyber insurance market a hard market or a soft market after the year 2020? Explain your answer. (4 points) c. If you are a risk manager of a company (who is the decision maker for buying insurance for the company) and need to determine your risk management strategy for cyber risk in 2023, do you think the condition of the cyber insurance marketplace is an important factor in your decision? Explain why briefly. (5 points)