The cyber insurance market is evolving at a rapid pace. Three significant cyber attacks took place since March 2021, raising awareness of cyber for all businesses. Even Federal Reserve Chairman Jeremy Powell stated that the next major threat to the economy is cyber in a 60 Minutes Interview:
- Microsoft Exchange Hack (3/2/2021) – A vulnerability in the Microsoft Exchange email servers exposed over 30,000 business’ internal data to hackers.
- Colonial Pipeline Attack (5/7/2021) – The Colonial Pipeline Attack impacted nearly half of the East Coast’s fuel supply and shut off their pipelines for 11 days. This event highlights how ransomware attacks are leading to greater cyber risks.
- VMware Exploit (6/4/2021) – A VMware vulnerability with a severity rating of 9.8 out of 10 was exploited by cybercriminals to launch attacks on organizations using VMware.
These events signify the growing risk of cyber threats. No business, big or small, is immune from cyber incidents which can be devastating. Businesses need robust and customized cyber coverage, so they can return to normal operations quickly after an incident.
We have companies that offer standalone cyber insurance that can be customized to match the needs of any business, and can help protect you from evolving cyber threats.