Cyber Insurance Prices To Surge After COVID-19, S&P Warns
By Lucia Osborne-Crowley (October 1, 2021, 10:04 PM BST) -- Ratings giant S&P Global has warned that cyber insurance prices will skyrocket over the next two years, after the pandemic led to a spike in cyberattacks, and warned insurers and reinsurers to form partnerships to prepare for the changing sector.
S&P said Wednesday that prices for cyber protection could "rise sharply" between 2021 and 2023 and in some cases could double from the existing cost.
"The pandemic accelerated digital transformation and increased systemic vulnerabilities, causing economic and insured losses from cyber to skyrocket," the ratings agency said.
S&P said that the heightened awareness of virtual risks that came along with the...
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