Ransomware Claims Are Doubling UK Digital Insurance Costs

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By Joel Poultney (April 27, 2022, 3:58 PM BST) — The cost of insurance claims for ransomware and other digital attacks has rocketed by more than 100% in the U.K. in the first quarter of 2022 over the same period last year, broker Marsh LLC said on Wednesday.

Marsh said in its quarterly insurance review that the cost of digital cover also increased globally, with prices up 110% in the U.S. Insurers scrambling to tighten coverage against the severity and frequency of ransomware attacks, in part because of the conflict in Ukraine, is driving the price rises, according to the broker.

“The war in Ukraine, while most importantly a humanitarian tragedy,…

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