Cyber insurance helps a business recover from an attack on its cyber environment, an increasingly common risk as the world rapidly progresses towards further digitalization. Cyber criminals are sophisticated in their ability to exploit vulnerabilities ranging from computer system breaches and network infiltration to extortion and phishing scams making cyber insurance coverage a critical aspect of any businesses’ insurance portfolio.
While cyber insurance has been an emerging product over the past few years, the recent shift to remote work environments across the globe due to the pandemic has further increased the necessity for this type of protection for companies of all sizes.