Skyrocketing Cyber ​​Liability Claims – Acuity

Wisconsin-based Acuity Insurance reported an increased need for cyber liability insurance among personal and business policyholders as cybercrime continues to grow.

Between June 2021 and June 2022, Acuity Insurance saw cyber liability claims on its commercial insurance policies increase by more than 50%. For personal policies, Acuity reported a 90% increase in cyber claims in 2021 compared to 2020.

“Our lives, our homes and our businesses are more connected than ever,” said Steve Maliborski, general manager of commercial products at Acuity. “Being online brings an increased risk of cyberattacks, which are not covered by standard homeowners or business insurance policies.”

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Acuity pointed out that everyone – individuals and business owners – were at risk of a cyberattack. Between 2019 and 2021, cyberattacks increased by 50% each year compared to the previous year. Electronic fraud and gift card scams were two of the most common types of cyberattacks affecting both businesses and individuals, Acuity found.

“Scams involving social engineering are among the easiest to fall for, as fraudsters exploit a person’s trust to obtain money or personal information, which can then be used for unauthorized cash withdrawals. “said Bob Hertel, Director of Personal Lines Product Development at Assurance Acuité. “Cyber ​​insurance can protect you against financial loss caused by wire transfer fraud, phishing attacks, cyber extortion, cyber bullying and more.”