Cyber Insurance Costs Spike 113 Percent in a Year in Australia: Report

A woman uses her computer keyboard to type while surfing the internet in North Vancouver, B.C., Dec. 19, 2012. The Canadian Press/Jonathan Hayward

Insurance costs have doubled for cybersecurity breaches amid an onslaught of ransomware attacks globally, according to global consultancy AON.

The report, Cyber Insurance Market Insights, found that average premiums rose 113 percent from 2020 to 2021, with AON Australia expecting costs to continue to rise in 2022.