This growth, however, will be triggered mainly by the rise in the number and severity of cybercrimes – including data theft, system hacking, ransomware extortion, and denial of service attacks – especially among businesses that handle sensitive information.
Read more: Biggest cybersecurity challenges to watch out for in 2022
“Cybercrime is very opportunistic,” Nathan Little, vice-president of digital forensics and incident response at cyber risk management firm Tetra Defense, told consumer information website NerdWallet. “Every company, no matter what the size, is an opportunity for a cybercriminal to make some kind of money.”
But as cyber incidents increase in complexity, cybersecurity insurance providers are also making sure that they are offering businesses coverage that matches their changing needs.
What does cybersecurity insurance cover?
Cyber insurance is designed to protect businesses against financial losses resulting from cyber incidents. Policies typically provide two types of protection, namely first-party and liability coverage. Here’s what these different types of coverages pay out for.
