Businesses remain a hot target for phishing scams. The increased payouts and unique scenarios have led cyber insurers to make changes to policy language have included requiring proof that a business has improved data and network protection. Some insurers are even excluding coverage for specific incidents or costs and setting higher deductibles. (Photo: Jacky/

Phishing scams — typically occurring through compromised email — have exponentially risen since the onset of the pandemic. Whether it's the result of more employees working from home or that cybercriminals had more time on their hands, the consequence has been an increase in ransomware and insurance claim payouts, with the brunt of the cost being passed onto businesses.

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