Data breaches are becoming increasingly costly for companies. In fact, the average total cost of a data breach grew from $3.86 million in 2020 to $4.24 million this year. The increase in expenses coincides with a significant upswing in ransomware attacks—today’s average weekly ransomware activity is 10.7 times higher than in June of last year.
Companies are now under renewed pressure to protect their networks. Finding the right insurance coverage ensures they can continue operations in the case of a cyberattack. With that comes the risk of—intentionally or unintentionally—committing cyber insurance fraud. Insurance companies recognize the increased risk and may require additional protections before approving cyber liability coverage.
This E-book will examine why cybercrime has increased and how companies can best protect themselves and avoid cyber insurance fraud.
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