According to experts, 2021 brings increased cyber risks and, with it, a crucial need for the right cyber risk insurance.
The pandemic “exponentially increased” cyber attacks across all industries as employees worked from home, according to Security Boulevard, a cyber-security consultancy. In fact, a ransomware attack affects today’s businesses every 11 seconds, the firm reports. This year is no exception, with ransomware attacks predicted to cause damages of $20 billion, 57 times higher than in 2015. Every company is at risk, large or small.
If you’re relying on your business owners policy for protection from cyber losses, you might not have adequate coverage. In fact, many basic commercial insurance policies exclude cyber incidents. You most likely need specific cyber coverage. There is no standard cyber policy—every insurer drafts its own language and applies different exclusions—so look to your insurance agent or broker to help you find one that suits your unique risks.