Navigating an increasingly challenging cyber insurance market
As organizations transition to remote or hybrid workforces, the digital attack surface widens immensely. This allows threat actors to target businesses with ransomware and other attacks more efficiently, demanding record-high payouts and inflicting significant business damage. According to the FBI, in 2021, the IC3 received 3,729 complaints identified as ransomware with adjusted losses of more than $49.2 million.1
Once a business has fallen victim to ransomware, its options diminish greatly. Forbes reported that in 2021, more than 60% of those hit by attacks paid the ransom.2 In addition to ransom payouts, cyber insurance providers frequently cover extensive costs for incident response, forensics, and notifications to affected individuals.