Security News > 2021 > July > The cost of cyber insurance increased 32 per cent last year and shows no signs of easing

The cost of insurance to protect businesses and organisations against the ever-increasing threat of cybercrimes has soared by a third in the last year, according to international insurance brokers Howden.

It found that global cyber insurance pricing has increased by an average of 32 per cent in the year to June.

According to Howden's Cyber Insurance: A Hard Reset the upward squeeze on premiums shows no sign of easing, which, in turn, is putting more strain on the sector.

"Shay Simkin, Global Head of Cyber at Howden, said:"The cyber insurance market is currently driven by a demand and supply imbalance which shows no sign of relenting any time soon.

Last week, a report by the Royal United Services Institute - Cyber Insurance and the Cyber Security Challenge - warned that the spike in ransomware attacks had led to some insurers wondering if they should pull out of the market.

At around the same time, Paris-based insurance giant Axa said "Non" to French companies looking to buy its cyber insurance amid concerns that paying out when trouble hits was contributing to the explosion in cybercrime.

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