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Cybercrimes have increased significantly over the last year. A recently released IBM study showed that the average cost of a data breach for organizations with fewer than 500 employees was almost $3 million per incident in 2021. The Anti-Phishing Working Group, a global industry, law enforcement and government coalition, found that the number of phishing attacks has doubled since early 2020. And approximately 60% of small businesses that suffer a cyberattack go out of business within six months of being hacked. The risks for businesses of any size are increasing, and cyber insurance is as critical as general liability, E&O and other types of business-related coverage.

Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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