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Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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New cyber risk products that take an empirical, quantitative approach can provide a direct and predictable correlation to long-term outcomes. New cyber risk products that take an empirical, quantitative approach can provide a direct and predictable correlation to long-term outcomes. (Shutterstock)

Breach insurance premiums are on the rise and expected to grow tenfold over the next decade from $2 billion to $20 billion. The number of underwriters also is growing.

This rapid growth in breach insurance premiums and underwriters come as large breaches are becoming more frequent and the expense associated with containment and clean up continues to increase.

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