Last year saw alarming growth in the number of cyberattacks targeting North American universities, and the costs of ransomware attacks continued climbing as well. Now industry experts are warning that cyberinsurance premiums will skyrocket this year across all sectors as underwriters crack down on the amount of risk they'll accept — and insurers have begun requiring organizations buying policies to prove that their network security is in tip-top shape before they even get a quote, let alone active coverage. The 2022 Cyber Market Conditions Report from Gallagher Risk Management Services projects that cyber policy premiums will be 100% to 300% higher for organizations that do not have "best-in-class" security controls in place — if they are provided a quote at all.
