According to research by Cognyte’s Cyber Threat Intelligence Research Group, the number of ransomware attacks nearly doubled in the first half of 2021. The amount of each ransom demand also increased, causing cyber insurance claims to spike. With global cybercrime continuing to surge with no end in sight, organizations will need cyber insurance policies to mitigate potential loses and maintain stable financial footing.
According to Saket Modi, Co-Founder and CEO of Safe Security, cyber insurance will be mandated:
“In the next 12 months, the spectrum of cyber insurance needed to protect against ransomware and other attacks will be mandated, at least in some geographic regions and industries. In a similar manner to requiring everyone to have auto liability insurance, high-risk industries will be mandated to have a minimum level of cyber insurance. For example, companies may be required to have insurance to cover at least two percent of their annual turnover. In the next five years, almost all industries and geographic regions will mandate cyber insurance.”