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.
U.S. cyber insurers' profits shrank in 2020, insurance broker Aon found. Combined ratio - a measure of profitability in which a level of more than 100% indicates a loss - climbed by more than 20 percentage points from 2019 to 95.4%."It's very unlikely people are getting the same limits - if they are, they are paying an extraordinary amount," David Dickson, head of enterprise at broker Superscript, said.
Meanwhile, cyber security firm Coveware likened the 90%-plus profit margin from ransomware attacks in 2021 to the gains Colombian cocaine cartels made in 1992. Such firms have deep pockets and cannot afford extended outages to fix their systems, so would rather pay ransoms, especially if they have insurance to cover them.
Where ransom payments were typically $600 a few years ago, they now are as high as $50 million, said Michael Shen, head of cyber and technology at insurer Canopius, and insurers are sometimes asking policyholders to pay half of the ransom.
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