We've all read it a million times – "these are unprecedented times." But in the context of cyber risk and insurance, these words really do hold true. COVID-19 is changing the way many businesses operate, and in turn, this shift to remote working is waking them up to their cyber exposures.
However, according to CFC's Shannon Groeber, while the current situation has put cyber exposures in the spotlight, cyber claims were already well on the rise before the pandemic hit. Over the last couple of years, more and more American businesses are suffering significant business interruption and crime losses at the hands of cybercriminals.
What this trend is showing us is that the nearly ubiquitous use of technology to run businesses today means that all businesses in all industries have some form of cyber exposure, not just those that collect or store sensitive data.
The likelihood of companies falling victim to cyberattacks in a vulnerable and remote working scenario is greater, and getting back up and running after a crippling cyber event becomes all the more complicated. Shannon Groeber, Executive Vice President
So what else can cyber insurance providers and brokers do to help their clients understand their sector's vulnerabilities? What key points should brokers stress when speaking to a client about their cyber risk for the first time? What separates a good cyber policy from a great one?
For the answers to these questions and more – and for other great insights from Groeber and others – download The Insurance Business 2020 Cyber Insurance Special Report today.
