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U.S. Cyber Insurance Costs Surge as Ransomware Drives Claims (1)

Oct. 26, 2021, 5:28 PMUpdated: Oct. 26, 2021, 8:43 PM

The cost of cyber insurance in the U.S. has surged as ransomware payments drive up claims, according to a report from broker Marsh McLennan.

Pricing for U.S. cyber policies for the third quarter of 2021 saw a 96% increase compared to the same quarter last year, the report found. It was the largest year-over-year increase Marsh has seen since 2015.

The frequency and severity of ransomware claims was the leading factor, the report said, as payments to unlock hacked systems often exceeded $1 million, with additional claims payments for interrupted business or exfiltrated data.

Insurance underwriters have ramped up ...

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