We are all well aware that ransomware exposures and impacts have grown rapidly as professionals have shifted to working from home because of the pandemic, resulting in expanded threat and attack surfaces. By some accounts, ransomware attacks increased nearly 150% in the past year, and insurance claims and costs of payments skyrocketed after having already jumped approximately 230% between 2018-19. Insurance claims from cyber/ransomware events have consumed up to 40% of the claims of some insurers’ cyber books.
Cyber insurance was once seen as a stable sector of commercial insurance, with lower-than-average loss ratios compared to other major commercial coverages. However, that landscape has faded fast – threatening the very availability of cyber insurance for ransomware.
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