Ransomware attacks increase by 170%, drive cyber insurance rates

A new report by U.K.-based Howden Broking Group Ltd. said that ransomware attacks increased by 170% year-on-year in 2020 from 2019, Reinsurance News reported. An increasing number of ransomware attacks has triggered a shift in cyber regulations and an increase in cyber insurance rates, which rose by an average of 32% year-on-year in June 2021.