A lock screen from a cyberattack warns that data files have been encrypted on a laptop computer in this arranged photo in London, U.K., on Monday, May 15, 2017. Governments and companies around the world began to gain the upper hand against the first wave of an unrivaled global cyberattack, even as the assault was poised to continue claiming victims this week. (Simon Dawson/Bloomberg) A lock screen from a cyberattack warns that data files have been encrypted on a laptop computer in this arranged photo in London, U.K., on Monday, May 15, 2017. Governments and companies around the world began to gain the upper hand against the first wave of an unrivaled global cyberattack, even as the assault was poised to continue claiming victims this week. (Simon Dawson/Bloomberg)

Cyber risk is a dynamic loss category. It may be defined as any risk of financial loss, business disruption or damage to the reputation of an organization resulting from vulnerabilities in its information technology systems and networks.

Cyber risk insurance is thereby required to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach.

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