In a recent insight, RSM UK highlights that cyber fraud has become a strategic risk in today’s digital era, especially for insurers who face both increased liability and new market opportunities. With advances like remote work, cloud computing, and AI, cyber attacks are more frequent and sophisticated, including ransomware and phishing. Recent breaches at major retailers underscore the need for stronger cyber risk management and updated insurance coverage. Cyber insurance now serves as a crucial safety net against legal, reputational, and financial fallout from attacks and accidental data breaches.
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