Worth a read, a very interesting set of statistics on cyber insurance. global insurance pricing has increased 32%.

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Worth a read, a very interesting set of statistics on cyber insurance. global insurance pricing has increased 32%. Ransomware is the predominant cyber threat confronting businesses of all sizes overtaking data breaches, which is what we all see in the media.

The number of ransomware attacks worldwide increasing by 170% between Q1 of 2019 and Q4 of 2020. Taking the average ransomware payment in 2019 of around $40,000 to $1.6 Million in 2020. The average cost of ransomware remediation has increased, rising to US$1.85 million in 2021 (so far) from US$700,000 in 2020.

With the likelihood of getting access to data following the first payment at around 60%, 92% after a second payment and 8% never get access. Making it a game of Russian roulette.

¢â‚¬Å“Claims are up, capacity is down, and underwriting profitability is, at best, under pressure,¢â‚¬Â ¢â‚¬Å“The impact on insurance buyers is stark; the importance of being prepared for a cyber attack has never been clearer. With insurers now demanding markedly higher cybersecurity standards before deploying capacity, businesses need analytical solutions designed specifically for them, combined with focused, expert intermediation to help them secure the coverage that meets their needs.¢â‚¬Â‚ 

The cyber insurance market needs a solution to fix the problem?

#cybersecurity‚ #SupplyChainRiskManagement‚ #CyberRiskManagement‚ #riskmanagement‚ #compliance‚ #cyberinsurance‚ #insurance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esgrisk‚ #cyberregulation‚ #esgreporting‚ #soc2‚ #defenceindustry‚ #esg

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