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Russian hacker closes the lid of the laptop, against the backdrop of a binary code, the color of the Russian flag While there have been various calls to action to address outdated War Exclusions in the last few years, to which the market has begun to respond, the results do not go far enough in modernizing the War Exclusion for our increasingly digital age or to provide the certainty policyholders’ premiums should guarantee in light of the present Russia-Ukraine war. (Credit: Дмитрий Ногаев / AdobeStock)

The increased use of computer-based technology has caused cybercrime to skyrocket worldwide, and the techniques hackers use are ever-evolving. Some estimate the cost of cybercrime globally could reach $10.5 trillion a year by 2025. The Russian attacks on Ukraine have ignited fears of increased cyberattacks, and governmental authorities are on high alert.

In response to these increased cyber threats, governments, businesses, and consumers alike are ramping up their cyber security measures. Many prudent businesses are also revisiting their insurance portfolio, seeking confirmation that their coverage will adequately protect them if they are victimized by increasingly sophisticated cyberattacks, including those connected to the acute conflict in Ukraine.

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