News and Analysis

Companies must be aware that cyberattacks are a reality affecting businesses worldwide. These may be targeted or widespread attacks exploiting software vulnerabilities like the MOVEit hack. Regardless of whether the ransom is paid, they are costly and disruptive. Businesses should focus on effective response strategies, understanding cyber insurance policy terms, covering breach response costs, and assessing restrictions like ransomware sublimits. It’s crucial to understand cyber insurance provisions to ensure appropriate coverage, notifying insurers timely of cybersecurity breaches, and maintaining adequate protection.