Cyber insurance premiums surge by 50% as ransomware attacks increase

Premiums collected from policies written by insurers reached US$7.2bil (RM33.34bil) in 2022 and tripled in the past three years, ratings firm AM Best said in a study released this week. — Image by Freepik

US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage.

Premiums collected from policies written by insurers reached US$7.2bil (RM33.34bil) in 2022 and tripled in the past three years, ratings firm AM Best said in a study released this week.