The increased payouts and unique scenarios have led cyber insurers to make changes to policy language have included requiring proof that a business has improved data and network protection. Some insurers are even excluding coverage for specific incidents or costs and setting higher deductibles. (Photo: Jacky/stock.adobe.com)
Phishing scams — typically occurring through compromised email — have exponentially risen since the onset of the pandemic. Whether it's the result of more employees working from home or that cybercriminals had more time on their hands, the consequence has been an increase in ransomware and insurance claim payouts, with the brunt of the cost being passed onto businesses.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
