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These concerns are picking up momentum with growing digitization witnessed by the world of business. The all-out digitization trend is coupled with more sophisticated hacking techniques.
The ever-increasing corporate vulnerability has been accounted for by the rise in stored or exchanged data online, the recourse to third-party companies and the use of new technologies.
Furthermore, the promulgation of new stringent regulations regarding security compels insurers to review their risk management models.
The companies' growing awareness of the incurred threats and the potential cost of losses have prompted coverage requests against cyber-attacks to increase drastically. With 1.9 billion cases reported in 2016, the number of cyber-attacks jumped by 73% in comparison with 2013.