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In addition to claims for business interruption and remediation costs, insurers may also expect to defend costly lawsuits and face insureds seeking coverage for administrative fines related to cyberattacks. (Photo: Shutterstock)

The cost of cybersecurity incidents to insurers has continued to skyrocket, reflecting the rapid pace and growing sophistication of cyberattacks. The financial stakes also are unprecedented, with as much as $21 trillion of worldwide economic-value creation at risk over the next five to seven years, according to McKinsey research.

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