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New attack strategies from hackers, escalating ransomware attacks and growing geopolitical tensions are just a few of the factors that have driven cyber insurance premiums upward through Q1 2022, says a recent report from Gallagher.
While the median rate increase for cyber coverages was 37%, they found the top 25% of companies saw cyber rate increases of 83.3% in the first quarter of 2022. These premium increases have happened regardless of the insured's industry or the size of their organization.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
