Followers of the cyber insurance market over the past two years may be suffering from whiplash—that’s how dramatically the market shifted from 2022 to 2023. A perfect storm of good trends and facts combined to create a soft cyber insurance market—still-elevated after a two-year hard market, reduced claim experience due to a lull in ransomware throughout 2022, and improved cybersecurity controls at the insured company level driven by insurance underwriting mandates. Many of Woodruff Sawyer’s cyber insurance clients saw decreases in the cost of their insurance throughout 2023—58% of clients in the first half of the year and 65% in the second half.