The average price of cyber insurance premiums has risen 5% this year, despite a 20% increase in claims last year, according to AdvisorSmith. In the first quarter alone, cybersecurity costs rose by $28.5 billion, or about 9%, compared with the same period last year. AdvisorSmith added that businesses had strengthened their cyber defences, though only 20% had taken out cyber insurance.
The average price of cyber insurance premiums has risen 5% this year, despite a 20% increase 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 risk underwriting. AdvisorSmith added that businesses had strengthened their cyber defences, though only 20% had taken out cyber insurance.