In the past year, insurers have doubled the cost of annual premiums being charged to corporate clients, according to three cyber insurance providers interviewed by Bloomberg Opinion. A typical small business that previously paid $10,000 annually for $5 million worth of cover in the event of an attack is now likely paying closer to $20,000, with just $1 million worth of protection. (Credit: the_lightwriter/Adobe Stock) In the past year, insurers have doubled the cost of annual premiums being charged to corporate clients, according to three cyber insurance providers interviewed by Bloomberg Opinion. A typical small business that previously paid $10,000 annually for $5 million worth of cover in the event of an attack is now likely paying closer to $20,000, with just $1 million worth of protection. (Credit: the_lightwriter/Adobe Stock)

(Bloomberg Opinion) — Charles Darwin said that a species best survives hardship when it is adaptable to change. That's a mantra the insurance market will need to embrace if it wants to stem millions of dollars in payouts for cyberattacks amid high demand for protection.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Information Security
E&S/Specialty