A new report shows that the cost of global cyber insurance increased by more than 30% in 2021. According to Howden's Cyber Insurance: A Hard Resetreport, contributing factors to such an increase in cyber insurance costs across the globe are higher rates of ransomware attacks and changing regulations around the world.
Indeed, according to the report, not only have ransomware attacks increased by more than 170% since 2019, but the average ransom payment has gone from just $43,600 in 2019 to more than $220,000.