In the past year, insurers have doubled the cost of annual premiums being charged to corporate clients, according to three cyber insurance providers interviewed by Bloomberg Opinion. A typical small business that previously paid $10,000 annually for $5 million worth of cover in the event of an attack is now likely paying closer to $20,000, with just $1 million worth of protection. (Credit: the_lightwriter/Adobe Stock) In the past year, insurers have doubled the cost of annual premiums being charged to corporate clients, according to three cyber insurance providers interviewed by Bloomberg Opinion. A typical small business that previously paid $10,000 annually for $5 million worth of cover in the event of an attack is now likely paying closer to $20,000, with just $1 million worth of protection. (Credit: the_lightwriter/Adobe Stock)

(Bloomberg Opinion) — Charles Darwin said that a species best survives hardship when it is adaptable to change. That's a mantra the insurance market will need to embrace if it wants to stem millions of dollars in payouts for cyberattacks amid high demand for protection.

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