Over the last year, many organizations struggled to keep their private data secure against cyberthreats as they rushed to adapt to pandemic-inspired shifts in workforce and operations. Cybercrime is becoming increasingly prevalent, and the sophistication and volume of cyberattacks is escalating as well.
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As the world becomes more digitized and cybercrime increases, the need for cyber insurance is something businesses should not overlook. If your company handles, transmits or stores sensitive data, you need to know about cyber insurance.
Cyber insurance is intended to protect businesses from the monetary losses arising from a cyber incident that could jeopardize their future.
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Today with cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.
To give some statistics about 85% of breaches involved a human element in 2021. Additionally, 36% of breaches involved phishing attacks while ransomware attacks contributed to 10% of attacks.