Security & Risk Management

Evaluating, analyzing, and managing the risk and security

Cyber insurance rates are rising

You can expect costs for cyber insurance to jump sharply as ransomware attacks continue.

“The cyber insurance market could double over the next three to four years, and 2021 rates could rise as much as 50percent higher,” according to Marsh, a leading insurance broker.

In addition to high-profile companies like Colonial Pipeline, hackers target many smaller firms and institutions, seizing computers and demanding large payments to release them.

Marsh said the number of cyber events has grown 150 percent since 2018.

“Overall, cybercrime costs are projected to reach $10.5 trillion by 2025,” Marsh said. One possible result: Fewer insurance companies will insure businesses for cyberattacks

Mark

CEO

Other Posts you might like...

All You Need to Know About Least Privilege
In IT, the principle of least privilege (PoLP) refers to the concept that any process, program or user must be...
Supply Chain Security: How to Avoid Being Downstream from Dysentery
Bleeding into the River On November 26th,1 Ongoing Operations, a major managed IT service provider for multiple credit unions, was...
Data Privacy Versus Data Security: A Closer Look
The importance of data privacy and data security has grown exponentially as organizations today collect and store more information than...
5 Ways to Combine Compliance & Cybersecurity
Compliance and security are equally crucial for the seamless operation of your business. Although security is a prime component of...