Insurers run from ransomware cover as losses mount

FILE PHOTO: The interior of the Lloyd's of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay//File Photo

LONDON (Reuters) - Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts.

Faced with increased demand, major European and U.S. insurers and syndicates operating in the Lloyd's of London market have been able to charge higher premium rates to cover ransoms, the repair of hacked networks, business interruption losses and even PR fees to mend reputational damage.