The COVID-19 pandemic forced rapid digitization of insurance-industry processes and spurred fresh cyber threats. These dynamics created an opportunity to increase cyber insurance coverage. (Photo: Leo Wolfert/Shutterstock.com)If we learned anything in 2020, it was that agile, innovative insurance organizations fare better when faced with unpredictable disruption.
Insurance has traditionally lagged behind others in the digitization of its business operations. It follows that the industry faced many hurdles when the pandemic hit. But consumers and businesses alike still need financial protection from cyber incidents. Serving them online created both challenges and opportunities.
Spotlight on cyber coverage
Valuable insights about business asset protection and cyber risk management have emerged from the pandemic’s effects on small and midsize businesses in 2020. For many businesses, adapting to a completely new model where employees work remotely from a makeshift home office with the majority of business transactions operated online over the phone or the internet was a matter of survival.
The transition to remote work and a digital-first approach to all business…
