Simply purchasing a cyber policy with sufficient limits is not enough to secure protection. (Photo: Shutterstock)
This year has seen an escalation in ransomware attacks — the chief current headline-grabbers — and in other forms of cyberattack, including evolving and ever-more sophisticated phishing schemes. Indeed, the 2021 Verizon Data Breach Investigations Report released in May found a 6% increase in ransomware attacks and an 11% increase in phishing schemes over the last year. More than ever, cyber insurance liability policies have become a critical part of a business's insurance program.
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