Declining cyber insurance rates reported

Reuters reports that lower than expected claims have prompted a nearly 10% decline in cyber insurance rates last month, compared with the same period last year. Such a reduction comes after the growing prevalence of ransomware attacks brought upon a more than twofold increase in premiums in 2021 but ransomware attacks around the world have dropped by 20% last year following the Russia-Ukraine war, a report from insurance broker Howden revealed. While more coverage requirements have been demanded by insurers from their clients, growing competition has prompted rate reductions, according to Howden Global Head of Cyber Shay Simkin. "Everybody is back with appetite for writing cyber insurance," said Simkin, who noted the increase in premiums from $10-$11 billion in 2021 to over $12 billion in 2022. Cyber insurance premiums are expected by Howden to reach nearly $50 billion by 2030 amid increasing cybercrime prevalence.