policyholders can expect 20% to 50% interest rate hikes for cyber coverage in 2021 as trends that began last year continue at a faster pace, Aon PLC said in a report published on Wednesday.
These trends include increased injury frequency and severity. , much of it is driven by ransomware events, according to the report.
"To maintain a commitment to long-term stable cyber capacity, insurers review areas in their portfolio where insurance measures are required and reassess capacity distribution, in particular as it relates to ransomware losses," the report said.
The report states that trends to watch include exposures of errors and omissions stemming from many organizations' accelerated digital transformation initiatives; potential vulnerabilities from the use of Remote Desktop Protocol software; break the rules, as the regulations continue to grow in complexity. cyberbullying, with ransomware attacks being developed to include the threat of exposing sensitive information on the public Internet in addition to encrypting sensitive data; and supplier risks due to the organization's reliance on third-party technology and backend applications.
The report states that ransomware incidents increased 486% between the first quarter of 201