WHAT HAS LED TO THE RISE IN CYBER ATTACKS & WHAT DOES RESEARCH SAYS?

Modernizing infrastructures to support an always-on, connectfrom-anywhere workforce has become difficult for security experts due to the rapid shift to remote work. Increasingly, people worked from home and used unsecured Wi-Fi and data networks, making networks easier to hack. The vulnerability of unencrypted servers has become a new threat, in addition to the previously recognized cybersecurity problems posed by corporate email, suppliers, and third-party vendors.

Research shows that top management and boards of directors are becoming more aware of cyber attacks. Cyber insurance is now the third most prevalent driver of new sales and growth among leaders. Cyber-related breaches affecting firms of all kinds are causing an apparent "fear factor," driving cyber insurance sales.

Businesses aren't just purchasing cyber insurance policies more frequently; they also request more significant coverage limits.