Cyber insurance premiums rise as ransomware, hacks continue, GAO finds
A growing number of cybersecurity incidents has led many insurers to raise premiums and some to limit coverage in especially risky areas, such as health care and education, according to new findings from a U.S. government watchdog. “[T]he continually increasing frequency and severity of cyberattacks, especially ransomware attacks, have led insurers to reduce cyber coverage limits for certain riskier industry sectors … and for public entities and to add specific limits on ransomware coverage,” the Government Accountability Office said in a report Thursday, which cited surveys of insurance executives. More than half of the brokers surveyed by an industry group said that their clients saw premiums increase between 10% and 30% in late 2020, the report noted. The findings come amid a period of unprecedented scrutiny for the cyber insurance industry, as multimillion-dollar ransoms come to light and cybercriminals appear to target insurers for a list of their clients to […]
The post Cyber insurance premiums rise as ransomware, hacks continue, GAO finds appeared first on CyberScoop.
Continue reading Cyber insurance premiums rise as ransomware, hacks continue, GAO finds