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Field of play diagram. The threats and players are becoming increasing diverse on the field of cyber risk insurance. (Photo: winui; Bariskina/shutterstock.com)

Today’s technology has put the world at our fingertips. Unfortunately, it has done the same for threat actors. Everywhere we look, cyberattacks are on the rise. From the rise in ‘bot’ attacks on financial services to the growing threat of brute-force attacks in Brazil, to an increasing number of sophisticated hands-on hacking campaigns, cybercriminals continue to evolve their practices and tools to exploit vulnerabilities.

With system attacks on the rise, so are the costs of dealing with these events. The expense of responding to cyber data and security incidents can be crippling to an organization. Consider ransomware demands running six to eight figures, investigation and attendant notification costs, regulatory inquiries, and the cost to defend third-party lawsuits. Not to mention damage to the affected brand and loss of customers that typically result from a cyber incident.

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