Cyber-Insurance Rates Soaring Thanks to Rise in High-Cost Ransomware Attacks

“Often, we are forced to accept the bad with the good. It looks like that is the case with ransom attacks and cyber-insurance rates.”

– Glenn Baruck, eDot

According to recent statistics, the number of ransom attacks was slightly down in 2019 compared to the previous year. That is a good thing. Unfortunately, the cost of these ransom attacks is increasing as hackers are now demanding higher payoffs and doing more damage to businesses and governments whom they successfully target. The result? Insurers have made “Dramatic” increases in premiums for cyber-insurance and are considering lowering the ransom amounts they will pay.

Check out this recent article by Haley Samsel for Securitytoday, for the inside story as you prepare to discuss cyber-insurance for your business.

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