Cyber Insurance
The cost of cybercrime is anticipated to reach $10.5 trillion by 2025.1 Ransomware, business email compromise (BEC), phishing, malicious malware, and other types of attacks continue to infiltrate companies. Increasingly more sophisticated hacking methodologies, including the utilization of Artificial Intelligence (AI) and Machine Learning (ML) by cybercriminals to explore an organization’s network, will continue to bring advanced threats and attacks.
In addition, the C-suite is increasingly held accountable for cybersecurity failures at their companies, and face the prospect of personal liability for those failures. This has increased leadership’s D&O risk in addition to the company’s financial loss related to a cyber event.
Holistic and integrated cybersecurity measures and practices are an organization’s first line of defense in protecting against attacks. Cyber insurance is also critical for both large and small operations to assist with the financial loss and damage from a cyber event.
