The COVID-19 pandemic exacerbated the threat and likelihood of cyber security breaches for organizations, Munich Re’s 2020 cyber risk report found. Despite the growing risk of cyber attacks, its insurance coverage products and services are still failing to catch up.
As vaccination rollout continues to expand, we can see some sort of end in sight to the COVID-19 pandemic and a reintroduction to normalcy.
But what we aren’t getting rid of any time soon is the surge of cyber security attacks that have taken place over the past year. What will likely remain is companies’ sheer vulnerability to a cyber attack.
Additionally, we’ve seen a dramatic shift to digitalization — and for good reason. Companies rely heavily on digitization to continue their day-to-day operations.
Munich Re released its Global Cyber Risk and Insurance Survey in early March, reporting on the significant digital and cyber trends that have skyrocketed since the beginning of the pandemic. The report also delves into the necessary insurance response to these cyber threats, a sector of insurance that is…
