Cyber insurance rates fall for first time in years

This is the first time that cyber insurance rates have declined since 2020.

The report cited several factors for the decline in rates, including:

• Increased competition in the cyber insurance market
• Improved cybersecurity controls by businesses
• Fewer reported ransomware attacks in 2022

However, the report also warned that cyber insurance rates could start to rise again in the future if the threat landscape continues to evolve.

Here are some additional details from the report:

• The average cyber insurance premium in the U.S. declined by 10% in June 2023, compared to the same month in 2022.
• The decline in rates was most pronounced for small businesses, with premiums falling by 15%.
• Large businesses also saw a decline in rates, but the decrease was less pronounced, at 5%.
• The report attributed the decline in rates to several factors, including increased competition in the cyber insurance market, improved cybersecurity controls by businesses, and fewer reported ransomware attacks in 2022.

It is important to note that the decline in cyber insurance rates is not a guarantee that rates will remain low in the future. The threat landscape is constantly evolving, and if the risk of cyber attacks increases, rates could start to rise again.

Businesses should continue to take steps to improve their cybersecurity posture, even if they have cyber insurance. This will help to reduce the risk of a cyber attack and could also lead to lower insurance premiums in the future.

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