Premiums for cyber insurance are at an all-time high

According to recent research, cyber insurance rates have risen dramatically in the last year as high-profile occurrences have kept cyber hazards in the spotlight.

According to information compiled by experts at Fitch Ratings, spending on standalone cyber insurance coverage grew by 92 percent to over $3.1 billion in the United States last year.

According to the study, cyber insurance premiums have grown at a much faster rate than other commercial business lines, and cyber insurance

The increase in insurance premiums, according to Fitch, is due to an increase in the number of cyberattacks.