LONDON - Cyber insurance premiums are falling globally as businesses become more adept in curbing their losses from cyber crime, even as ransomware attacks are rising, broker Howden said in a report on Monday.
Added security such as multifactor authentication has helped to protect companies' data, reducing insurance claims. Global ransomware attacks fell following Russia's invasion of Ukraine in February 2022, as hackers in those countries focused on the military effort. Business interruption is usually the biggest cost following a cyber attack, but businesses are able to reduce those costs with better back-up systems, such as through the use of cloud providers, the report said.
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