Cyber insurance back from the brink after ransomware onslaught

The cyber attacks that proliferated during the pandemic’s work-from-home boom pressured insurers to become more discerning when writing policies. — Image by 8photo on Freepik

The cyber-insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and companies can better afford coverage.

Cyber-insurance pricing increased 10% from a year earlier in January, a fraction of the 110% annual increase reported in the first quarter of 2022, preliminary data from insurance broker Marsh McLennan show. If those trends continue, prices could be set to decline, said Tom Reagan, Marsh’s cyber practice leader.