LONDON : Cyber insurance rates dropped around 10 per cent in June compared with a year earlier, reversing recent sharp rate rises, as claims proved smaller than expected, broker Howden said in a report on Wednesday.Cyber insurance rates more than doubled in 2021 during the COVID-19 pandemic, driven by a r
LONDON : Cyber insurance rates dropped around 10 per cent in June compared with a year earlier, reversing recent sharp rate rises, as claims proved smaller than expected, broker Howden said in a report on Wednesday.
Ransom software works by encrypting victims' data and typically hackers offer victims a pass code to retrieve it in return for cryptocurrency payments. Insurers have also demanded their clients do more to protect themselves against attacks, lessening the risks and encouraging underwriters into the market, after a period of nervousness.
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