Here is why cyber insurance premiums will increase in 2021
The cyber insurance market is going through uncertain times that require serious retrospection, which may result in price rises and hardening of insurance conditions. In this article, we will examine the shifts that took place in this market and how insurance companies and their clients are coping with this change.
Cyber insurance premiums have shot up recently. This article explains why and what we can expect from the future.
The shift to remote work and its consequences on cyber insurance premiums
As in every industry, the COVID-19 pandemic has, of course, affected the cyber insurance market. During 2020, most organizations around the world have moved abruptly to a “remote work” mode, a transition which should have taken years to implement. This rapid transition has raised the number of security vulnerabilities that could be exploited, from phishing attacks in the form of Covid-19 organizational updates, hackers targeting the healthcare sector in an attempt to steal vaccine information, malicious apps containing ransomware, and many more.
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