Over the last two decades, cyber insurance has gone from a product companies begrudgingly considered buying to a business necessity, the effectiveness of which can make or break an enterprise after a data breach.
David Derigiotis, brokerage president at the specialty insurer Flow, explained this evolution in a recent interview with PropertyCasualty360 about the firm's Cyber Insurance Mid-Year State of the Market Report.
"We've become more digital, and we've become more connected," Derigiotis said of the current cybersecurity landscape. "More of what we do is dependent on supply chain, other vendors and cloud-service providers. So the breaches have become more severe. They've become more publicized, and people are much more aware of the risks."
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Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
