Cybersecurity Insurance - The Growing Cost To Your Business
While cybersecurity insurance has been available for over 20 years, both the market and the industry are rapidly changing. While initially created to protect individuals and businesses from internet based risks (including hacking and phishing), businesses' increased dependence on data storage and digital communication has pushed the industry to grow beyond its ability to assess risk. Not so long ago, coverage for cyberhacker damages might have been included in a standard commercial property and casualty insurance policy. But with the costs from malicious acts rising as quickly as bad actors find their way past the newest security measures, dedicated cybersecurity policies are now the go-to for businesses looking for protection.