Cyberattacks, already a top concern for business leaders, are being pushed to the forefront following the U.S. led strike on one of Iran's top military officials.
was attacked in 2014 over owner Sheldon Adelson's support for Israel and calls for attacks on Iran.
According to Tom Reagan, cyber practice leader leader at insurance company Marsh, the number of clients looking to add this type of policy has doubled in the last five years, and those already with cyber insurance are looking to up their policy limits dramatically. Marsh estimates cybercrime cost the world half a trillion dollars in economic damage in 2018, far more than the $300 billion in economic losses from natural disasters. Yet that same year, U.S. customers spent only $4 billion on cyber security insurance premiums, dwarfed by the $180-billion paid for property insurance premiums, suggesting the risk of cyber losses is vastly underestimated.
"Traditional anti-virus is simply not enough today." said Mauriello. He advises clients to deploy effective Endpoint Detection & Response tools that can monitor and respond to threats in a timely manner. And he says two-factor authentication is a must.
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