Reported 12 months ago
According to a report by broker Howden, cyber insurance premiums are decreasing globally as businesses improve their ability to mitigate losses from cybercrime, despite an increase in ransomware attacks. The drop in premiums is attributed to improved security measures such as multifactor authentication and increased investment in IT security and staff training. With insurers showing more interest in offering cyber insurance, prices are falling, even as cyber attacks continue to rise. The report also notes that the global cyber insurance market, valued at $15 billion, is expected to see the fastest growth in Europe in the coming years, primarily due to lower current penetration levels.
Source: YAHOO