Cybersecurity Insurance: Why Every Company Needs One

Many of the disruptions resulting from the pandemic are looking here to stay. It’s safe to call it a new normal now. We had companies going remote owing to government lockdowns. However, with the easing lockdowns and return to normalcy, many of them have chosen to stay fully remote. Twitter, Facebook, Shopify, and even Amazon now operate fully remote teams. While many have been able to hack productivity and communication with their remote teams, security threats remain a tough challenge for many. On the 15th of July, 2020, accounts of top personalities were hacked in a Bitcoin scam. Elon Musk, Bill Gates, Jeff Bezos, and Kanye West had their accounts compromised during this attack.


As more employees work from home because of the pandemic, risk managers see increased potential for ransomware and business interruptions. With more teams embracing the remote work culture, company risk assessment managers have noted the increased risks of ransomware attacks and cybersecurity concerns to their businesses. Cybersecurity insurance is no longer a luxury but a necessity in today’s business world. This is even more important for companies where team members work from home. There are several cybersecurity insurance products, and risk managers and security analysts can find the best one for their companies.