Can you imagine going without flood insurance if you lived alongside a river? That’s what is happening in corporate America nowadays, as skyrocketing cyberinsurance premiums prompt more companies to go without traditional cyber insurance even as ransomware and other digital hacks surge.

Last year cyber insurance premiums in the U.S. spiked 74%, according to data from S&P Global Market Intelligence, even as insurers narrow what they’ll cover. As a result, some customers are balking. Major software firms and retailers have either nixed or are considering ditching cyber insurance, according to security and insurance executives. Banking giant JPMorgan Chase, for instance, has reduced the amount of cybersecurity insurance it buys from major underwriters, according to people with direct knowledge of the situation.