Man pointing to cyber insurance. As businesses scramble to secure cyber coverage, the cyber insurance market has stalled. (Photo: LeoWolfert/

The frequency and severity of cyberattacks continue to escalate at an unprecedented rate. Cybercrime costs are estimated to grow by 15% year-over-year from 2021 to 2025, reaching nearly $10.5 trillion annually, according to a recent report by Cybersecurity Ventures. This trend is propelling cyber risk mitigation to the top of business leaders’ concerns, as well as making it one of the highest expense items on the balance sheet.

As businesses scramble to secure cyber coverage, the cyber insurance market has stalled. Despite the demand, there are no signs of increased capacity and premium rates are rising. According to the Council of Insurance Agents & Brokers (CIAB), the first three months of 2022 saw cyber insurance premiums increase by an average of 27.5%.

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