Once insurance premiums no longer cover losses, expect to see a shift in the market. Time to review your cover…:
A large change for the insurance industry came in 2020. With a large number of ransomware attacks, this past year could be the first year insurance companies lose money to these cyber incidents. As mentioned in our 50 Ways to Stay Secure Working Remotely webinar, there was a 715% year-over-year increase in ransomware attempts alone. Remote work, remote learning and the overall increase in technology reliance is not going anywhere. Many insurance companies may be rethinking their policies and possibly restructuring them. Additionally, some may even consider leaving the cybersecurity insurance market or reducing their coverage.