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High-profile cyber attacks such as the Microsoft Exchange server hack, the SolarWinds Orion software, and the Colonial Pipeline ransomware attack have highlighted increasing cyber risk for almost all types of companies. In addition, 2020 meant a massive transition to working from home for many companies due to the covid-19 pandemic, which further exacerbated the increase in the frequency and severity of cyber attacks. As a result, the market for cyber liability insurance sees increased premiums and deductibles and lower coverage limits. Companies in all industry segments are subject to these trends.
The biggest cyber risks that companies face today
- Companies in all industries have been affected by the increased incidence of ransomware attacks. These attacks are often very costly due to operational and communication disruptions as a result of information and operations technology systems being held for redemption.
WIRE TRANSFER FRAUD
- Hackers often trick employees into putting large sums of money in the wrong hands. The orchestration of these events is usually carried out by e-mail, either by pretending to be a business partner or employee or by taking over an internal e-mail account.
- P e-mails from hishing is overwhelmingly the most common attack vectors for most companies. A single successful phishing email can open a business to a variety of major cyberattacks.
Download the White Paper on Best Practice for Cyber Security here