Increase in Cyber Insurance Premiums as Cyber Attacks Escalates

There has been recent reports of high profile cyber-attacks on some big companies in the past one year. As these attacks become more and more prevalent, cyber insurance companies are beginning to review the price of their premiums. As a result of this, these big companies that have been considered high risk by cyber insurance companies are left to source for funds for adequate coverage.

Applying simple economics, with the demand for these cyber insurance brokers, the cost of premiums may not come down any time soon. According to insurance experts at Greater National Group (GNG), these big companies affected by high profile attacks have damages running into 100s of millions of dollars. The only way to meet up or discourage such companies is to increase premiums. Cyber insurance brokers either increase the premiums from the beginning or during renewals.

Some cyber insurance brokers have even set limits to the amount of coverage to be covered. The professionals at GNG have availed themselves to help bridge this gap between helping these big companies and also getting premiums that are reasonable to clients. With this rising trend, one thing is sure; cyber insurance market is going to rise exponentially in the coming years.

http://gng.com.au/