According to this recent research, attacks skyrocketed 102% in Q1 of 2021. Bad actors are more sophisticated than ever utilizing ransomware to infect your system. They have become increasingly successful in corrupting your backup files, leading to down systems and lost productivity.
Why buy cyber insurance?
A comprehensive and properly written “cyber” policy will contain coverage for costs to restore data lost in an attack, ransom payment if allowed, expert assistance to navigate the recovery process, and any required legal expenses.
“It’s important that we continue to protect ourselves both online and offline. We can help you see cyber risks that might not necessarily be obvious,” said Liberty Insurance President, Kevin Heher.
We can also discuss the inclusion of new cybercrime insuring agreements like “social engineering fraud.” The marketplace is evolving quickly as a response to the increase in events. The security requirements for new or renewal coverage are more strict than ever. It’s often a discussion that starts at the executive level but needs the input of either your internal IT department or outsourced Managed Service Provider.