Why is the cost of cyber insurance rising?
Summary: Cyber insurance premiums rose 50 percent in 2022 and largely held steady in 2023, with a Dark Reading report cited here projecting further increases over the next 12 to 24 months. A Databarracks survey of U.K. companies found nearly a third reported higher cyber insurance costs over the past year, while 37 percent of companies said they experienced a ransomware attack in 2023.
What you should know: Talos IR saw ransomware, including pre-ransomware activity, account for 28 percent of its fourth-quarter 2023 engagements, a 17 percent rise from the prior quarter - and if that trend holds, premiums rise with it, pushing executives toward what the source calls potentially less effective ways to prepare.
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- Topics
- Malware
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