Authored by Sara Weathers

Cyber risk is increasing every day and because of that, cyber insurance claims are increasing too. A recent report from Fitch Ratings showed that the number of cyber claims increased by 100% in recent years, which is higher than other business claims, according to Insurance Business Magazine.

Andrew Barnett, a cyber security expert at Cymulate, is encouraging businesses to reassess their cyber risk plans as things that worked in the past are no longer working in today’s cyber climate. In addition to having a secure server for employees, businesses should also be aware of what their risk tolerance is.

Businesses should also make sure their cyber insurance is up to date in the event that they experience a cyber breach. Have questions about your cyber insurance plan? AdvoCap Insurance is here to help via phone call or email!

Photo Credit: fizkes, 123rf.com