RISING CYBER ATTACKS
A recent Harvard Law School article estimated that ransomware attacks increased seven-fold in 2020, with over 17,000 devices detecting ransomware every day. Chubb, one of our premier insurance carrier partners, estimates that cyber incidents have increased by 549% over the past decade for all industries, and over 2,900% for manufacturers. Beyond claim frequency and severity, the demand for cyber insurance is outpacing the capacity the market has to supply coverage.
A MARKET IN FLUX
As a result, we are seeing cyber insurance premiums rising 100% to 300% year-over-year, driven by the increased number and severity of attacks, many of which are targeting vulnerabilities exposed in the work-at-home environment, and the constantly evolving tactics of cybercriminals.