Even with cybersecurity mitigation strategies in place, organisations are finding it impossible to secure 2021 cyber coverage at 2020 rates, according to a new report from Risk Placement Services (RPS).
According to the new U.S. Cyber Insurance Market Outlook report from RPS, the insurance sector has put the brakes on cyber coverage despite increasing demand – primarily due to issues related to the COVID-19 pandemic and the increasing severity and frequency of ransomware attacks.
Carriers are hiking premiums – some as high as 300% at renewal – and lowering coverage limits on sectors that have been hardest hit by cyber crime and cyber extortion over the past year, RPS said. Those sectors include education, public entity/government, healthcare, construction and manufacturing.
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