Following on from member firm Pennington Manches Cooper's reflective article about last year’s notable hacks and scams, here they look ahead to this year with, they believe, two key areas to maintain a watchful eye on in the cyber/crypto world.
According to a FinCen report, the average amount of reported ransomware transactions per month in 2021 was $102.3 million. Munich Re expects the global cyber insurance market to reach a value of approximately $20 billion by 2025, with the big portion of cyber insurance demand originating from healthcare, professional services, retail, manufacturing, governmental agencies and the financial industry.
Therefore, businesses of all sizes must monitor trends in the cyber insurance market. It is important to remember that directors may be in breach of their duties if they fail to consider such risks.
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