Cyber Insurance

Uptake of Cyber Insurance Continues

We see the headlines month after month: costs from data breaches and cyber attacks run to the tens or hundreds of millions for large, public companies. But that’s only part of the story. Every day, organizations ranging from small municipal governments to huge pharmaceutical companies — from your dentist’s office to your regional supermarket chain — deal with cyber attacks. Most aren’t widely reported. Quietly, ransoms are paid, breaches are remediated, and fines are levied, with the targeted organizations taking the brunt of the financial hit. With these costs presenting a significant (and too often, existential) threat to organizations, it’s no surprise that the uptake of Cyber Insurance continues to grow at double-digit percentages year over year

Common incidents that trigger claims
  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

  • Ransomware attacks – hackers lock up files or devices and demand a ransom payment in exchange for release.
  • Data breaches – confidential data is stolen or otherwise exposed
  • Wire fraud – an employee is tricked into sending money to a scammer
  • System failure – shutdowns due to system outages that may or may not be malicious in nature

 

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