Cyber Insurance Rates Soar

According to a report released Wednesday by insurance giant Aon PLC, cyber insurance coverage rates will shoot up by 20 to 50 percent in 2021. This is in large part due to the increased frequency and severity of claims linked to ransomware attacks.

To maintain their ability to provide stable cyber insurance services, insurers are obliged to review all areas where underwriting is required and to re-evaluate their capacity to insure, particularly concerning losses related to ransomware.

Worrying numbers

The report also raises some worrying figures. The number of companies affected by ransomware attacks has exploded over the last few years. According to the report, attacks increased a whopping 486% between the first quarter of 2018 and the fourth quarter of 2020. And this percentage may understate the problem, as it excludes all companies that didn’t openly report incidents.

Other trends to watch out for include potential vulnerabilities related to the use of remote login protocols, cyber extortion, and risks associated with the use of third-party services.

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If you are a victim of ransomware, need help creating a cybersecurity strategy, or are looking to implement a Managed Detection and Response (MDR) solution to guard against ransomware attacks, StreamScan has experts with years of experience who can help. Contact us at securitepme@streamscan.ai or call us at 1-877-208-9040.