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Ransomware’s loss frequency and severity has resulted in the coverage’s cost almost doubling from last year, says a report released Monday.
London-based Howden Broking Group Ltd. said in its report that the annualized number of globalized ransomware incidents was up 235% in 2021 compared with 2019, and average U.S. ransom payments increased by 370% over the same period. It was citing data from San Jose, California-based cybersecurity company SonicWall Inc. and ransomware incident response company Westport, Connecticut-based Coveware Inc.
The number of brokers reporting rising demand has increased 89%, while the number of brokers reporting claims increases was up 72%, according to the Washington-based Council of Insurance Agents & Brokers, the report said.
Shay Simkin, Howden’s global head of cyber said in a statement while market conditions remain difficult, “two potential tailwinds may help companies and insurance carriers as this year progresses.”
He said the first is “off the back of more favorable ransomware trends following underwriting and risk management actions taken in response to increased ransomware frequency and severity. Companies are more resilient to ransomware attacks today than they were this time last year.”
He said it appears the Ukraine conflict “has so far dampened cyber frequency further as both warring sides focus their efforts on conventional warfare,” although this could change if, for example, there was a ceasefire.