The impact of ransomware on the cyber insurance market

Recently the threat landscape has been dominated by ransomware, which put the cyber insurance industry under extreme pressure, a Panaseer reserach revealed.

84% of respondents said their Board now wants to understand their ransomware protection levels. As such, 91% of security leaders are reporting their ransomware protection levels to the Board. For 86% of security leaders, ransomware protection is a budgeted 2022 priority.

The proliferation of ransomware has led to an increase in the frequency and value of cyber insurance claims. As such, many insurance providers have increased their premium prices and turned away prospects without sufficient cybersecurity precautions.