The text provides an analysis of the evolving cyber insurance industry, highlighting its significant challenges and shifts in response to increasing ransomware attacks and third-party software vulnerabilities. It notes the industry's previous profitability and competitive nature, which led to broad and less stringent underwriting practices. However, recent changes, such as higher premiums and reduced insurance limits, reflect a response to the growing frequency and severity of cyberattacks, exacerbated by the COVID-19 pandemic and remote work surge. The article emphasizes the need for more rigorous underwriting processes, greater transparency from insureds, and proactive security measures to mitigate risks. It warns against relying solely on insurance as a substitute for robust IT security and hygiene, urging a more integrated approach involving various stakeholders within organizations. The piece concludes by suggesting that the cyber insurance market is at a critical juncture, where successful adaptation could enhance both customer safety and business competitiveness.