Surge in Cyber Insurance Claims: What You Need to Know

Cyber attacks and ransomware are on the rise, with insurance claims skyrocketing in 2023. Marsh, one of the largest insurance MGAs, reported a record-breaking 1,800 cyber claims last year, surpassing all previous years. As businesses face increasingly sophisticated attacks and privacy threats, cyber insurance coverage has become a crucial safety net. Insurers are responding by offering more proactive monitoring and expanded support services to handle breaches when they occur. Ransomware attacks, while only a small percentage of overall claims, cause the most significant financial damage, locking up critical business operations and creating high extortion risks.

If you're already covered by cyber liability insurance, make sure to update your policy annually to reflect new network information. If you're not covered, consider investing in a standalone cyber policy for the best protection. For personalized advice on cyber insurance or to discuss any related concerns, schedule a live, one-on-one consultation with an expert at ActualHuman.com. Our team of professionals is available to provide guidance on this and other business-related issues.