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Instant Insights / October is National Cybersecurity Awareness Month

Insurance companies are expecting cyber-related losses across all business lines over the next 12 months.

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Cyber insurance update. Following a cyber event, a company’s electronic data is particularly vulnerable and it is easy for critical evidence to be lost. (Photo: Shutterstock)

Cyber risks are constantly changing as bad actors develop new ways to use malware, phishing schemes, distributed denial of service attacks and other applications to cause disruptions and capture information from computer systems worldwide. Their goal can be obtaining money through ransom, seizing intellectual property or proprietary information, or causing damage to infrastructure and physical property. No entity is immune to these risks, which means the number of claims will only increase.

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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