Ransomware Pushes Up Cost Of Cyber Insurance, Marsh Says

By Martin Croucher (May 5, 2021, 2:39 PM BST) -- The cost of cyber insurance increased by a third in the past year due to a rise in costly ransomware attacks on businesses, according to figures from Marsh.

The insurance broker said Tuesday that in Britain cyber insurance costs rose 29% in the first three months of the year, on the same period last year.

The increase was more marked in the U.S., where cyber insurance prices rose by 35% over the period — the highest annual increase for the product since 2015.

Marsh said the price hikes were due to a spike in the "frequency and severity" of ransomware attacks...

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