Digital insurance options opened up new markets and improved communications for agencies worldwide. However, this growth goes hand-in-hand with the rise in cyberattacks over the past few years.

Recent reports estimated cyberattacks increased between 200% and 300% in 2020 and are doubling again. Similarly, ransoms from cyberattacks are rising by between 50% and 80%, making it a more attractive scheme for cybercriminals.

Labor market changes contribute to increased cyber-vulnerability as well. More people are working remotely, and their home offices may not have the same security measures as their company. Similarly, the recent labor shortage means companies are hiring more people more often and, in their haste to fill positions, may not provide ample cybersecurity training for new hires.