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The cost of insurance to protect businesses and organizations against the ever-growing threat of cybercrime increased by a third last year, according to international insurance brokers Howden.
He revealed that global cyber insurance prices rose an average of 32% during the year through June.
Not only are premiums skyrocketing, insurers are also putting more and more conditions on their policies, requiring more and more assurances that the companies that purchase coverage have the systems and processes necessary to prevent a computer incident.
According to Howden Cyber insurance: a hard reset the upward pressure on premiums shows no signs of easing which, in turn, puts more pressure on the sector.
Shay Simkin, Global Head of Cyber Security at Howden, said: “The cyber insurance market is currently driven by an imbalance between supply and demand that shows no signs of easing anytime soon. better, under pressure.
“The impact on insurance buyers is striking; the importance of preparing for a cyberattack has never been clearer. “
Last week, a report from the Royal United Services Institute (RUSI) – Cyber insurance and the cybersecurity challenge – warned that the spike in ransomware attacks had led some insurers to question whether they should withdraw from the market.
There are also concerns that companies are relying too much on their insurers to pay in the event of an attack in order to recover their data – an approach that is making insurers nervous, adding to the current squeeze.
Jason Nurse, senior lecturer in cybersecurity at the University of Kent and co-author of the report, said The register: “I think, based on what we’ve found, cyber insurance is not that silver bullet that people were hoping for or maybe thinking.”
It seems no one is safe from cyber villains breaking in with a bag of digital loot over their shoulder.
In May, it was reported that CNA Financial, the U.S. insurance conglomerate, paid ransomware operators $ 40 million to recover its files following a digital break-in in March.
Around the same time, Paris-based insurance giant Axa said ‘no’ to French companies looking to buy its cyber insurance, fearing that paying when something goes wrong could contribute to the explosion. of cybercrime. Axa was then the object of a ransom demand herself after being the victim of disbelievers.
And only last week The register reported that the Salvation Army in the UK was the victim of a ransomware attack. ®
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