Cyber reinsurance rates rocket at July renewals

Carolyn Cohn reports:

Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity.

The average ransom payment made by a business to restore data after a cyber attack was $220,000 in the first quarter, up 43% from the last quarter of 2020, according to cyber security firm Coveware.

Read more on Reuters.

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