Cyber Insurance Breaking: $221K Claims Signal Collapse

This story was originally published on HackerNoon at: https://hackernoon.com/cyber-insurance-breaking-$221k-claims-signal-collapse. Average cyber claim severity has hit a record $221,000. Ransomware costs have ballooned to $508,000. Check more stories related to cybersecurity at: https://hackernoon.com/c/cybersecurity. You can also check exclusive content about #cyber-insurance, #insurance, #ransomware, #fintech, #compliance, #cyber-risk-management, #security-insurance, #cybersecurity-awareness, and more. This story was written by: @nicholasrobert57. Learn more about this writer by checking @nicholasrobert57's about page, and for more stories, please visit hackernoon.com. Average cyber claim severity has hit a record $221,000. Ransomware costs have ballooned to $508,000. Between record frequency and a massive reinsurance retreat, SMEs are becoming effectively uninsurable.