Awareness of cyber hygiene practices has grown significantly since 2022, leading to a 15% reduction in cyber insurance premiums globally over the last two years.
Ransomware attacks rose by 18% in the past year, but effective risk controls reduced the necessity for ransom payments; recovery costs are now increasing again.
Increased risk awareness post cyber attacks and minimum hygiene mandates from insurers have contributed to the decline in cyber insurance costs, benefiting policyholders' resilience.
The decrease in indirect claims from third parties in cyber incidents suggests companies are effectively managing risks, leading to a drop in premiums and enhanced competition among insurers.
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