The COVID Coverage Financial Firms Need: A Cyber Insurance Policy

In this episode, CSS’s Director of Cyber IT Services E.J Yerzak sits down with AVP, Program Executive at Varney Agency Nick Weiner for a Cybersecurity Awareness Month discussion on cyber insurance. The global cyber insurance market size is projected to grow from $7.8 billion in 2020 to $20.4 billion by 2025. Major factors driving this growth include the increasing number of security breaches and cyberattacks during COVID-19 that have resulted in large-scale financial losses and stringent government regulations towards adoption of cyber insurance policies. Many financial firms cite ransomware, business interruption and reputational risk as the biggest concerns when choosing to implement cyber insurance.