Average ransomware insurance pay-out above £3m

A recent survey from cybersecurity company Panaseer has given an insight into the shadowy world of cyber insurance. While many insurers have stripped back their offerings following recent increases in the volume and severity of attacks, several large pay-outs have still been made. Panaseer’s reports gave details of recent insurance claims. In it, the sums revealed that the average cyber breach insurance pay-out in the UK was £3.26 million, and $3.52 million in the USA. These huge sums show the severity of the problem for both clients and insurers – with attackers developing more sophisticated means, 82 per cent of insurers expect premiums to rise. Conditions may also tighten, with 74 per cent of insurers requesting details on cybersecurity approaches before considering a policy.