Cyberinsurance premium hikes have begun to slow or even stop altogether after years of sharp increases, The Wall Street Journal reported.
Amid a wave of cyberattacks and ransomware, premiums rose an average of more than 34 percent in the fourth quarter of 2021, according to Council of Insurance Agents & Brokers data reported by the newspaper Nov. 15, with some price jumps as high as 200 percent. But the insurance appears to be getting more affordable this year.
"Things are looking better," Jason Krauss, head of North America cyber product coverage for insurance brokerage WTW, told the Journal. "It's amazing, right, that I would tell you that a 20 report increase [in premiums] isn't bad. But it's seen as a good thing."
Healthcare has been the critical infrastructure industry most likely to be hit with a ransomware attack. Chicago-based CommonSpirit Health, the nation's second-largest nonprofit hospital chain, has been dealing with a ransomware incident since early October.