As demand for cyber insurance skyrockets, insurers are scrutinizing specific security risk factors more carefully when determining the cost and affordability of coverage.
Ransomware attacks are on the rise, and the in-house breach investigations team at insurance company Beazley Group said there were 131 percent more ransomware attacks against its customers in 2019 than was in 2018. The spike in attacks were most evident in healthcare, professional services, and financial services.
As organizations grapple with soaring costs of cyberattacks, many are asking insurance companies for help reducing risks. But insurance providers are also hedging their bets because cyber insurance is so risky.