Along with the growing threat posed by cyber risks is an apparent growing awareness. In 2016, around 2.2 million cyber insurance policies were written, according to AdvisorSmith, which reported there were 3.6 million policies written in 2019. (Credit: ipopba/Adobe Stock) Along with the growing threat posed by cyber risks is an apparent growing awareness. In 2016, around 2.2 million cyber insurance policies were written, according to AdvisorSmith, which reported there were 3.6 million policies written in 2019. (Credit: ipopba/Adobe Stock)

Since the start of the year, cyber insurance rates have increased 7% for small businesses, according to AdvisorSmith Solutions, Inc., which estimated organizations of this size that are considered low-risk see average annual cyber insurance premiums of $1,589 for $1 million in coverage. For midsize and large businesses, those increases were closer to 20%.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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Cybersecurity