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Cyber insurance costs up by a third

July 6, 2021

In a report, titled Cyber insurance: A hard reset, Howden reported that global insurance pricing has increased by an average of 32%, just under a third, year on year (YoY) in June 2021.

This increase has also come alongside a more demanding and rigorous attitude to insuring organisations against cyber attacks to begin with – insurers are now also demanding more evidence of preparedness, resilience and appropriate risk management practice.

“Cyber risk has undergone multiple episodes of change and development in its relatively short history, but nothing quite so impactful and fundamental as the events over the past year,” said Shay Simkin, global head of cyber at Howden.

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