BullWall – Whitepapers – Cyber Insurance

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With ransomware attacks increasing by more than 232% over the last four years, cyber insurers are
enforcing stricter coverage requirements. Even with guidelines in place, ransomware attacks cost
companies an average of $4.62 million to recover. As more organizations seek to protect themselves
with cyber insurance and payouts surge, insurance premiums are also surging. In 2022, rates
increased by an average of 74%, on top of an increase of 94% in 2021.