Best Practices

Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.
The biggest drivers of cyber losses are business interruption and restoration costs, according to Allianz Global Corporate & Specialty (AGCS), which reported that the two accounted for more than half of the value ($885 million) of nearly 3,000 insurance cyber claims.
The average total cost of recovery and downtime following a cyber incident more than doubled during the past year, growing from $761,106 to $1.85 million. Behind many of these claims are ransomware events, which continue to grow in severity and frequency. AGCS reported several factors are propelling these increases, including:
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