The market for cyber insurance is booming. It apparently is the fastest-growing segment
of property and casualty insurance market.
Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
Fueled by new threats has increased the demand for coverage, with insurers hiking prices in response to rising claims. Premiums for cyber coverage sold as part of a policy bundle rose 74% in 2021, versus 92% for stand-alone cyber insurance.
Cyber incidents continue to grow rapidly amid a proliferation of ransomware attacks.
Claims for cyber incidents have doubled annually over the past three years.
There seems to be little to stop the threat of cyber-attacks, or locating those who perpetrate these crimes, so it may just be a matter of time.
But I did love it when a well-known credit bureau was breached and they charged people for increased protection of their data, because of their lax protections.