The key selling point for cyber insurance has evolved over recent years as cyberattacks have become more prominent. Several years ago, cyber insurance was important because of data breach concerns and protecting organizations’ liability if private data was exposed. Today, the focus is on the potentially huge losses stemming from cybercrime.
In fact, over the course of 2019, the main cyber-related activity impacting Tokio Marine HCC’s policyholders continued to shift from ‘data breach’ to ‘cybercrime,’ according to the insurance group’s “2020 Cyber Digest Analysis of 2019 Cyber Claims Data.” Among Tokio Marine HCC’s non-healthcare policyholders, there was a 44% increase of ransomware claims between 2018 and 2019. Notably, for the first time in over five years of tracking, ransomware has landed at the top of the list of loss causes in the non-healthcare segment.
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