Security News > 2024 > July > Cyber Insurance Premiums Are Declining Worldwide as Businesses Improve Security, Howden Insurance Broker Report Finds
Improved cyber hygiene among businesses has led to a reduction in cyber insurance premiums by 15% worldwide over the last two years, a new report from Howden Insurance Brokers has found.
"Sarah Neild, head of cyber retail U.K. at Howden, explained why the cost of cyber insurance has declined. She told TechRepublic in an email,"Increased risk awareness off the back of persistent and high-profile attacks is one reason.
Competition between insurers is increasing, too, as more and more offer cyber insurance policies, helping to drive prices down for customers, the report stated.
"Favourable dynamics have persisted into 2024, with the cost of cyber insurance continuing to fall despite ongoing attacks, heightened geopolitical instability and the proliferation of Gen AI," Neild said in a press release.
The Howden report also found that demand for cyber insurance in Europe is likely to grow in the next few years.
Cyber insurance can help businesses withstand the costs associated with a successful cyberattack or penalties for breaching increasingly rigorous compliance regulations.
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