Two Fold Rise in Cyber Attacks since Pandemic, Reported

Recently, rates of Cyber insurance have witnessed a rise in its price by over 100 percent over the last year due to increasing online attacks during the COVID-19 pandemic. An Israeli-American Cyber-insurance company, named as At-Bay, which has its headquarters in San Francisco and several offices in Tel Aviv, reported that the Cyber liability premiums over the United States increased by an average of 82% since June in the previous year.

As stated by the co-founder and chief risk officer at AT-Bay Roman Itskovich, there has been a steep jump in the cases from the healthcare industry, besides the manufacturing and infrastructure industries.

Therefore, the latter two industries observed a price surge by almost 200 percent. Moreover, in the healthcare sector, the cost has gone up to around 170%. He further added that they had seen an increase of 20 to 30% just over the previous month. Cyber insurance policies are the forms that give cover for protecting businesses and individuals during the events of Cyber attacks or data breaches that might occur.

The insurance policies that have been designed since the previous years are not capable of covering such issues. Several of them exclude the loss or damage caused by Cyber-related incidents. The construction and manufacturing sectors have stayed away and have been under-invested in the sector, and hence they are an attractive target for the attackers, Itskovich added.