Security News > 2022 > November > Swiss Re wants government bail out as cybercrime insurance costs spike

As insurance companies struggle to stay afloat amid rising cyber claims, Swiss Re has recommended a public-private partnership insurance scheme with one option being a government-backed fund to help fill the coverage gap.

Global cyber insurance premiums hit $10 billion in 2021, according to Swiss Re's estimates.

While Forrester estimates a typical data breach costs an average $2.4 million for investigation and recovery, only 55 percent of companies currently have cyber insurance policies.

"The market needs to mature further to ensure enough insurance protection is available," John Coletti, head cyber reinsurance at Swiss Re, told The Register.

The Swiss Re Institute recommends all three of these points to help mitigate exposure to cyber risk - and keep the insurance industry profitable.

Lack of clarity around coverage also landed two other major insurers, ACE American Insurance Company and Zurich American Insurance Company, into legal trouble after the 2017 NotPetya cyberattack.

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https://go.theregister.com/feed/www.theregister.com/2022/11/08/government_cyber_insurance/