Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity.
A ransomware attack on Colonial Pipeline in May shut the largest fuel pipeline network in the United States for several days, crippling fuel delivery to most of the U.S. East Coast.
The average ransom payment made by a business to restore data after a cyber attack was $220,000 in the first quarter, up 43% from the last quarter of 2020, according to cyber security firm Coveware.
