As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. About $6.5 billion in direct written premiums were recorded in 2021, a 61% increase over the prior year, according to an October 2022 memorandum from the US-based National Association of Insurance Commissioners. “Some companies see it as essential to their risk management strategy,” says Heather Engel, managing partner at advisory firm Strategic Cyber Partners.
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