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Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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Smaller agencies may mistakenly think they fly under the cybercriminal's radar. But no agency is immune to cyber risk. (Photo: Gorodenkoff/Shutterstock) Smaller agencies may mistakenly think they fly under the cybercriminal’s radar. But no agency is immune to cyber risk. (Photo: Gorodenkoff/Shutterstock)

Cybercrime is profitable and low risk. The World Economic Forum reports, “Cybercrime is a growing business model, as the increasing sophistication of tools on the darknet makes malicious services more affordable and easily accessible for anyone that is willing to hire a cybercriminal.”

The forum reports that the likelihood of a cybercriminal being caught in the U.S. is estimated at 0.05%. U.S. regulators, corporations and policymakers are struggling to improve that rate.

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