Cyber Insurance: Higher Premiums, Limited Coverage
Healthcare Info Security
Scott Ferguson
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...