Cyber Insurance Premiums
are on the Rise.​

What you, your team and your customers need to know.

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Cyber insurance premiums have soured by almost a third in the last year, thanks to an explosion in ransomware incidents.

The Cybersecurity and Infrastructure Security Agency (CISA), the FBI and the NSA report that in 2022 Ransomware attacks will only continue to grow.  And, we are starting to see some of the biggest.
  • $50 million REvil against PC manufacturer Acer
  • US colonial Pipeline paid $4.4 million
According to a report by Howdens Cyber Insurance: A Hard Reset, there has been a 32% rise in premiums between June 2020 and June 2021, showing no signs of slowing.
Rise in premiums between June 2020 and June 2021.

Clients can expect pricing to continue to rise through 2021and potentially 2022.

Howdens

So what's driving this?

  • Insurers are experiencing mounting losses, largely driven by ransomware, with the frequency of events up nearly 500% since 2018
  • This is increasing the cost of premiums. Insurers are becoming much more stringent about what risks they will underwrite "hardening of the market."
  • One major insurer underwrote 80% of the risks presented to them last year, now just 10%!
With insurance companies now demanding more, Ignition Technology have identified the cyber insurance industry ‘must haves’.

Understand the mitigation levels expected by insurers today by joining us as we explore the market and make recommendations on how you can best support your customers to navigate these significant changes.

WEBINAR

How Asset Management can reduce your Cyber Insurance Premiums

Join Axonius as Anika Registre, Director of Channel, EMEA for Axonius and CSO at Ignition Technology, Sean Remnant discuss how Asset Management is a fundamental factor that cyber insurers review when assessing Cyber Insurance for organisations.  

11AM, THURSDAY 20TH OCTOBER

Register Now