"Gerry Glombicki, director in the insurance division at Fitch Ratings, said underwriters had been badly hit in 2020 by the rise in both the number and scale of cyber attacks.

Speaking during an online seminar this month as part of the credit rating firm’s Monte Carlo Reinsurance Rendezvous 2021 series, Glombicki said the figures outlining the cyber threat were now significant."

(Insurance Times - September 2021)

The Association of British Insurers (ABI) has defended the inclusion of ransomware payments in first-party cyber-insurance policies.