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As businesses and insurers become more educated about the new threats posed by cyber thieves and hackers, both sides are engaging in an escalating battle. “Some insureds have described fighting cyber risks as an arms race,” explains Bill Jennings, an underwriter for Beazley Insurance Co., Inc., which focuses on writing a number of specialty insurance products in the U.S.

“The hackers improve their tools and the way they can hack into an insured’s system. Insureds improve their tools and install patches, and hackers continue to improve their methods of attack.”

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