From trendmicro.com
![ransomware-insurance-security-strategies](https://marvel-b1-cdn.bc0a.com/f00000000017219/www.trendmicro.com/content/dam/trendmicro/global/en/ciso/thumbnails/22/ransomware-insurance-security-strategies-tn.png)
A cyber insurance policy is a necessary element in a company’s risk mitigation strategy. However, obtaining/renewing a policy is becoming more difficult, and premiums have drastically increased. Direct-written premiums increased by 92% in 2021 according to the National Association of Insurance Commissioners.
The primary reason for the hardening of the cyber insurance market? Ransomware. Since ransomware accounts for 75% of all insurance claims, premiums are directly correlated with the 148% increase in attacks through Q3 2021 as well as higher ransom demands and recovery costs.