After two years of price increases, the cyber insurance market is normalizing as we head into 2023. Insurance carrier loss ratios are healthier now than they have been in the past few years— a result of price increases and a downturn in the frequency of ransomware attacks throughout 2022. Some in the industry attribute the lower ransomware activity to Russian attackers’ focus on the war efforts in Ukraine—and predict that ransomware will rise again when the war effort subsides.