As attacks surge, Cyber Insurance Premiums hit new highs
We are seeing a major shift in cyber insurance as premiums have increased between 30% and 110%. One school district even reported a 334% increase in their cybersecurity policy. As more and more big names are breached or hit with nasty ransomware strains, many are realizing the consequences and financial stresses this can have on their company. Most experts agree its not if your company will get hit its when. As cyber-attacks ramp up threatening data and privacy, cyber insurance companies have had to raise their rates partially due to claim frequency, the severity of claims and the uncertainty of what’s to come.