Cyber Insurance: Higher Premiums, Limited Coverage
Healthcare Info Security
The increasing number of cyberthreats, especially ransomware attacks, is leading some cyber insurers to raise premiums and limit some coverage in hard-hit sectors, such as healthcare and education, according to a report from the Government Accountability Office.
A GAO survey of cyber insurance brokers found that in 2020, about half of respondents reported premiums increased 10% to 30% for their clients. Plus, some insurers reduced the amount of coverage they provided in sectors seeing a surge in attacks, the GAO reports.
The GAO report also found that the percentage of organizations eligible for cyber insurance coverage that have actually purchased it grew to 47% in 2020, up from 26% in 2016.
In particular, more companies in...