Financial firms rethink after cyber insurance premium spike

Brokers say there are signs pressure is easing, but quantum hacking threat could transform market

Banks and other financial firms have been struggling with a switchback from insurance providers over cyber risk insurance, as earlier generous underwriting standards have tightened dramatically over the past two years. Some firms are now deciding whether to cut their coverage and invest more heavily in cyber security instead.

Brokers say there are signs the sharp rise in premiums and exclusions is abating. But the increasing number of cyber attacks, together with a shift from data breaches to