The WSJ reported Aug 8, 2020: It is becoming more expensive and difficult for companies to get or renew cyber insurance. The price of U.S. cyber insurance policies increased by 79% from a year earlier. Insurers have made it harder to get or keep a policy, too.
As ransomware and cyberattacks become more frequent, insurance companies now ask businesses for more detail about their cyber policies and procedures, Cheryl Winokur Monk reports. If they can’t satisfy those demands, businesses could face higher premiums or be refused coverage.
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