Cyber insurance market encounters ‘crisis moment’ as ransomware costs pile up
The woes within the industry could mean significant ramifications for policyholders.
Advertisement
Chubb
Two cyber insurance industry initiatives grapple with rise of ransomware
CyberAcuView and the APCIA are two different answers to a phenomenon rocking the cyber insurance industry.
Insurer paid $65,000 to help a city unlock ransomware in 2018. A second hack was more expensive.
The city of Azusa didn't disclose a payment in one incident, insurance paid up and now it's a victim again.
Fitch: Cybersecurity insurance market crossed billion-dollar earnings mark in 2016
Insurers earned $1.35 billion from cyber insurance premiums last year, a 35 percent increase over the year before, according to new figures from the ratings agency Fitch.