CNN recently noted that one of the world’s largest insurers, AIG, has noted a 150% increase in ransomware attacks claims between 2018 and 2020. Nearly all industries are being affected at this point.
Although there are a number of things businesses can be doing to help reduce their vulnerability to ransomware, when discussing cybersecurity concerns, the first thing I always ask my clients is whether they have cyber insurance.
If you don’t have cyber insurance, get it. Being the victim of a cyber attack is bad enough. Not having insurance to help address and mitigate the resulting losses just exacerbates the problem.
