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With the frequency and severity of ransomware attacks on the rise, many insurers are considering how to address them in cyber policies. (Photo: PR Image Factory/Adobe Stock) With the frequency and severity of ransomware attacks on the rise, many insurers are considering how to address them in cyber policies. (Photo: PR Image Factory/Adobe Stock)

Typically, ransomware events trigger cyber policy coverages for investigations, data restoration and extortion costs.

The average ransomware claim rose more than 50% to $74,354 in 2020 from $48,709 in 2019, according to one U.S. cyber market study, and the FBI reported ransomware complaints increased by 20% in 2020 from 2019.

 

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