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...

Simplifying FTC Compliance for Small Business Owners with BizCom Support 
In today’s digital business landscape, protecting sensitive customer information is more important than ever. For small business owners, navigating the...
Cybersecurity – Risk and Risk management
Digital technologies have evolved more rapidly than any innovation in the history of mankind. Digital advances, new devices, and media...
What should you know about Cyber Security?
As a business owner, there are several key things you should be aware of related to cybersecurity. Failure to address...
Why Business Continuity Planning is Important for your Small and Medium-Sized Company
Keeping your business up and running during a crisis requires a high level of advance planning. Even though you can’t...