Cyber Security Insurance Premiums
January 30, 2022
Unrelated to monetary or supply-chain inflation, we at Horizon Kinetics were advised that our Cyber Security insurance premiums could increase between 50-100% in 2022. Through September 30, 2021, Sonicwall, the network and data products and solutions company, reported a 148% year-over-year increase in global ransomware attacks (495 million in total). The company estimates over 700 million attacks for the full year 2021. Sonicwall’s clients experience an average of 9.7 ransomware attacks each business day.
According to AON, the insurance broker, Cyber Security insurance premiums increased between 20% and 50% in 2021. Conventional Cyber Security measures, like firewalls, are frequently exposed as being inadequate. The rising cost of protecting your organization’s digital information is very real. It is very likely that blockchains will ultimately supplant firewalls as the dominant security modality.
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