The average level of cyber insurance premiums has risen 30 % this year , despite a 20 % drop in claims last year , according to AdvisorSmith . Insurance companies are getting better at underwriting cyber risk as they gain more experience in the sector, and companies are also strengthening their cyber defenses to counter the rise in cyberattacks,” said Adrian Mak, CEO of AdvisorSmith. It said the " relatively stable " uptick was due to the claim loss severity falling about 11 % and insurance companies improving their cyber insurance underwriting . AdvisorSmith added that businesses had strengthened their cyber defences , though only 20 % had taken out cyber insurance .
The average level of cyber insurance premiums has risen 30 % this year , despite a 20 % drop in claims last year , according to AdvisorSmith . It said the " relatively stable " uptick was due to the claim loss severity falling about 11 % and insurance companies improving their cyber insurance underwriting . AdvisorSmith added that businesses had strengthened their cyber defences , though only 20 % had taken out cyber insurance .