Cyber-Insurance Jumps 92% In UK As Ransomware Spikes

By Martin Croucher (February 2, 2022, 3:39 PM GMT) -- The cost of cyber-insurance cover rose by 92% in the U.K. in the fourth quarter last year compared with the same period of 2020, insurance broker Marsh said Wednesday, due to an increase in ransomware attacks.

Marsh said that the increase was mirrored globally too, with 130% rate rises in the U.S. market over the same period. Both the frequency and cost of ransomware attacks has increased globally in recent years, forcing insurers to raise prices, it said.

"Cyber-insurance pricing again rose significantly," Marsh said. "Many insurers sought to change coverage terms and conditions as frequency and severity of claims continued to...

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