Cyber Insurance Premiums Expected to Increase in 2024, Ranso...

Cyber insurance premiums are anticipated to rise in 2024, driven by increased ransomware activity which has now reached levels similar to 2021. A survey conducted by Woodruff Sawyer, involving various insurance carriers, indicates that 81% of underwriters expect premiums to increase slightly, while 63% identify ransomware as the top threat. Despite a decrease in companies paying ransoms, the amounts paid have escalated, with data exfiltration becoming a primary attack method causing businesses to comply with ransom demands. The survey also highlights a shift in global sentiment against paying ransoms, with some countries and U.S. states moving towards banning such payments. Additionally, insurance carriers are re-evaluating their approaches to nation-state cyberattacks, which complicate the "War Exclusion" in policies, as seen in events like Not-Petya and SolarWinds. Although the expectation is for premiums to rise, Woodruff Sawyer advises against sharp increases, emphasizing that current rates are already significantly higher than in 2019. The report suggests that increased underwriting scrutiny will likely demand more comprehensive security strategies from companies seeking cyber insurance.

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