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. “Ransomware has been, and will continue to be, a plague on organisations and insurers alike, across all industries and segments—equally challenging for small to medium enterprises, as well as large corporates and the public-government sector,” the report stated. “Insurers have been grappling with understanding the threat vectors that organisations face and the control frameworks that reduce, minimise or eliminate these threats,” it continued. Ransomware attacks involve hackers or syndicates freezing or encrypting a victim’s files until a ransom is paid, often in the millions. In recent years several high-profile attacks have occurred targeting major organisations such as the Colonial Pipeline Company, JBS Foods, …