Cyber insurance buyers face steep rate hikes, risk of non-renewals

U.K.-based insurance broker Willis Towers Watson PLC has warned cyber insurance buyers against steep increases in premium rates as cyber insurers continue to limit their exposure amid a surge in cyber risks, Reinsurance News reported. While insurance buyers are facing around 200% jump, on an average, in primary and excess cyber insurance renewal rates in some cases, they also run the risk of non-renewals if they fail to demonstrate strong cyber risk controls, culture and overall cyber hygiene, Willis said.