Panaseer, an enterprise security company, has shared data on actions enterprises are willing to take to solve the escalating cyberinsurance crisis.
In recent years the cyberlandscape has been dominated by a sharp increase in ransomware attacks. According to SonicWall, ransomware attacks increased 105% in 2021 and Sophos’ report, The State of Ransomware 2021, revealed the average ransom paid is US$170,404, with remediation costs US$1.85 million, averagely.
The increase in frequency and cost of ransomware attacks has made ransomware a board-level risk and put the cyberinsurance industry under extreme pressure. This is evidenced by a recent survey Panaseer, conducted with over 1,200 global enterprise security leaders. Over four in five (84%) respondents said their board now wants to understand their ransomware protection levels. As such, nearly all (91%) security leaders are reporting their ransomware protection levels to the board. For 86% of security leaders, ransomware protection is a budgeted 2022 priority.
The proliferation of ransomware has led to an increase in the frequency and value of cyberinsurance claims. As such, many insurance providers have increased their premium prices and turned away prospects without sufficient cybersecurity precautions. According to Marsh, the price of cover in the US grew by 130% in the fourth quarter of 2021 alone, while it grew by 92%, in the UK.
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