The continually increasing frequency and severity of cyberattacks, especially ransomware attacks, have led insurers to reduce cyber coverage limits for certain riskier industry sectors [...] and for public entities and to add specific limits on #ransomware coverage

The findings come amid a period of unprecedented scrutiny for the #cyber #insurance #industry, as multimillion-dollar ransoms come to light and cybercriminals appear to target insurers for a list of their clients to extort.

CNA Financial, a major U.S. insurer, paid its digital extortionists $40 million in what some analysts described as a record ransom. Meanwhile, Colonial Pipeline, the main artery for delivering fuel to the East Coast, paid hackers $4.4 million for decryption keys.

https://www.cyberscoop.com/cyber-insurance-ransom-hack-payments-gao/