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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. A report this month from the Government Accountability Office (GAO) found that the number of companies seeking cyber insurance coverage has steadily risen since 2016 and that insurers are increasing the prices of their policies and lowering their coverage limits as the number of cyberattacks rise. In addition, the U.S. congressional office said insurers “increasingly have offered policies specific to cyber risk, rather than including that risk in packages with other coverage. This shift reflects a desire for more clarity on what is covered and for higher cyber-specific coverage limits.”

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