Despite rising cyber insurance premium costs and shifting coverage areas, companies are still seeking out and renewing their policies, experts tell Axios.
Cyber insurance provides financial assistance following a cyberattack to help cover ransom payments or the costs to rebuild data storage systems. But as attacks have increased, so have premium prices.
Between 2019 and 2021, total U.S. cyber insurance premiums more than doubled from $1.6 billion to $3.2 billion, perthey haven’t seen companies’ appetite for cyber insurance get smaller — despite changing requirements and coverage. Policies are still helping companies with two of the most prevalent types of criminal cyberattacks: ransomware and business email compromises, which include phishing emails and total account takeovers of high-level executives' inboxes, Schein said.are over — holding off fears that companies will ditch insurance before premium costs grow out of reach.
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