Authored by Sara Weathers

Insurance companies have reached the maturity stage when it comes to cyber insurance. According to a recent Insurance Business Magazine article, they can now build in protections against threats such as ransomware and data privacy violations.

While prices may still fluctuate for cyber insurance, companies now have a better understanding of the correct price for the coverage of ransomware claims, among other cyber security incidents. Some factors that are taken into consideration are the amount and type of information being protected, the security measures that businesses have in place, and how complex the businesses’ risks can be.

As of now, ransomware remains the top threat in the cyber security landscape. Businesses should continue to improve their cyber security policies while also having a cyber insurance policy to cover them in case of a cyber-attack.

For more information on the state of the cyber insurance market and ways to protect your firm, check out Insurance Business Magazine’s article.

Have questions about your firm’s cyber insurance policy? AdvoCap Insurance is here to help.