Most likely, this explosion of attacks was also favored by the COVID-19 pandemic and the need, both for workers and students, to stay much longer at home, relying on smart working and remote teaching. However, several companies weren't ready to take such a leap and weren't equipped with one of the best antivirus to protect themselves from ransomware, which is why several hacker groups may have jumped at the ball to target entities not covered by dedicated insurance policies. to cyber security.
However, there are options for companies who want to avoid ending up in an insurance vacuum. One is to invest in the latest cybersecurity software. Not only will this reduce the chances of succumbing to an attack, but it will also signal insurers that they take cybersecurity matters seriously making it hopefully easier for them to get coverage. Businesses should also make sure their systems are backed up regularly, which could help minimize downtime in the event of an attack.
The growing interest in cyber insurance has been blamed by some people for the rise in ransomware attacks, as companies felt less inclined to invest in cybersecurity. However, insurers have recently decreased their coverage and tightened requirements, incentivising companies to first make themselves safer before taking out a policy.