Rising cost of cyber attacks sends insurance policy charges soaring

November 09, 2022

The Panaseer Team

Whether to buy cover is a tough decision for company chiefs.

When Lloyd’s of London found problems in its IT systems in October, the 300-year-old insurance market took some of them offline temporarily, fearing it had suffered a cyber attack. After a thorough investigation, cyber specialists found nothing amiss and life returned to normal after a week or so. But, even if there had been an attack, Lloyd’s would have been covered — its management has cyber insurance in place to deal with the costs.

It is a form of cover that seems an obvious purchase for an organisation running a global market. However, for other companies, a decision on whether, or how much, cover to buy is a much tougher one — despite the rising profile and costs of ransomware attacks…

Read the full article from Financial Times.