Surge in Cyber-attacks results increase in insurance premium

Kathmandu: The surge in cyber-attacks has resulted increase in premium almost by 50 percent.

The incidents of cyber-attacks such as ransom ware are skyrocketing. The cyber-attacks including threat to the data and privacy of governments and private sectors are adding the need for cyber insurance. Enterprise require different cyber risk coverage as the interruption of cyber-attacks to different sector is spreading on alarming state. It has also rapidly changed the scope of cyber insurance.

The recent report ‘Guide to Cyber Insurance’ published by cyber security service provider company Sophos, states that “market hardens for the first time in its 15-plus year history.” The report remarkably mentions that premiums are increasing as insurers claim payment continue to rise.

Meanwhile, according to the  Global Report published by international rating agency S & P, cyber insurers’ loss ratio increased to 72.8% (the loss ratio is costs and claims payments divided by total premiums) in year 2020.

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