Cybersecurity Awareness Month Currently Underway
The month of October is Cybersecurity Awareness Month, which may be an opportunity for businesses to review their cyber insurance protection.
The annual event is a collaborative effort between the government and industry members to raise awareness about the importance of cybersecurity and to ensure that Americans have the resources they need to be secure online. This year, efforts will emphasize personal accountability and taking proactive steps to enhance cybersecurity at home and in the workplace.
Reports have shown that the number of cyber attacks is increasing, and more businesses than ever are concerned about cyber over any other risk. Cyber insurance has gained popularity as the number of cyber events continues to increase. In the surplus lines industry, cyber coverage has grown over the past few years, from $65.8 million in premium in 2016 to $77.5 million in 2017 and $89.7 million in 2018.