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Following a cyberattack there are costs to recover computer systems and data and to notify and protect the individuals affected. (Photo: Fotolia) Following a cyberattack there are costs to recover computer systems and data and to notify and protect the individuals affected. (Photo: Fotolia)

As the number of ransomware attacks and data breaches increases around the globe, they are levying a high price on businesses and the insurers that provide cyber insurance coverage.

In the latest incident, a Russian cyber gang hacked Miami-based software company Kaseya in a ransomware attack that impacted about 70 of its customers — managed service providers with multiple downstream customers, according to The Associated Press. The attack might impact up to 1,500 small businesses like restaurants or accounting firms, reported CNN.

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