Cybercrimes have increased significantly over the last year. A recently released IBM study showed that the average cost of a data breach for organizations with fewer than 500 employees was almost $3 million per incident in 2021. The Anti-Phishing Working Group, a global industry, law enforcement and government coalition, found that the number of phishing attacks has doubled since early 2020. And approximately 60% of small businesses that suffer a cyberattack go out of business within six months of being hacked. The risks for businesses of any size are increasing, and cyber insurance is as critical as general liability, E&O and other types of business-related coverage.
In the latest edition of Insurance Speak, Tim Zeilman, global cyber product owner at Hartford Steam Boiler, which is part of Munich Re., helps to put some of these trends into perspective and highlights what carriers and their clients should be monitoring in 2022.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
