Cyber

A great many companies don't realize they rely on critical web-service suppliers, but when the technology goes down, business may grind to a halt.

Insurers have collaborated on a detailed plan for small and midsized businesses, which find themselves in the sweet spot for ransomware attacks. 

An industry that is too important to fail suffered claims of almost $7 billion in 2021 and now looks to take the lead in reducing client risk.

Today, most security systems are implemented on top of information systems and can leave gaps. An approach called Security by Design holds promise.

Adding a layer of phone number and device intelligence can slash the risk of fraud, giving the organization and customers greater security while maintaining a positive experience.

It will take more than raising premiums and putting more limits on the businesses that can qualify for cybersecurity insurance to prevent increased claims and higher costs.

While the cyber market improved significantly in 2021, increases to prior-year reserves may cause a drag on earnings, and the Russian invasion of Ukraine creates uncertainty. 

Small and medium-sized businesses must improve their risk management protocols while putting in place a cyber insurance safety net.