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Ransomware Scourge Drives Price Hikes in Cyber Insurance

July 12, 2022

The Panaseer Team

Cybersecurity insurance costs are rising, and insurers are likely to demand more direct access to organizational metrics and measures to make more accurate risk assessments.

The rising cost of ransomware attacks is helping push significant premium increases in cyber-insurance policies in the UK and US, new data shows.

With the average payouts across the past two years averaging more than $3.5 million in the US, a growing number of cybersecurity insurers want direct access to customer security metrics and measures. This would help prove the status of security controls, according to a Panaseer report on the state of the cyber-insurance industry…

Read the full article from Dark Reading.