What Executives Need to Know Before Obtaining Coverage
In the last six months, cyber-attacks increased by 29 percent worldwide, as thousands of global organizations and insurers can attest to. This trend has been a driving factor for the growth of cyber insurance, which has come a long way in the last twenty-plus years. However, even then, cyber experts were raising the alarm on attacks, calling attention to how easy it was for hackers to successfully breach a system and how little legislation there was to ensure breaches were handled appropriately.
Fast forward twenty years and these concerns have developed into full-fledged crises. Technology, the internet, and the growth of the software as a service (SaaS) industry have led to the majority of sensitive customer and company data being located online, and hackers have come to understand the incredible value of this data. Not only is this information essential to day-to-day operations but being breached can damage customer trust. With so much at stake, cyber insurance has become a top priority for many SaaS-based businesses, yet with the rise of cyber threats and hardening of the insurance market, obtaining coverage is becoming more difficult.