Cyber Insurance Rates Rise with Ransomware Attacks
A Reuters report finds U.S. insurers are boosting cyber-insurance rates by as much as 25% industry sources said. Reuters reported that although there were 6% fewer ransomware attacks in 2019 compared to the previous year, the attacks were more dangerous and came with higher price tags. The attacks are now designed to spur deeper and more lasting technological problems, Reuters reported. The average ransom was $41,198 during the 2019 third quarter, which more than tripled from the first quarter, according to the report. A cyber insurance professional quoted in the report said cyber-insurance premiums started rising 5% to 25% late last year, however insurers have not scaled back coverage.