Tech Thoughts

BizCom Global's Thoughts about Technology and the impact it has on your business

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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

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