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(l-r) Walter Andrews, Andrea DeField, and Sima Kazmir of Hunton Andrews Kurth. Courtesy photos (l-r) Walter Andrews, Andrea DeField and Sima Kazmir of Hunton Andrews Kurth. Courtesy photos

Cyberattacks are an unavoidable business risk. A recent U.S. Treasury Department report observed that through June 30, 2021, the total value of suspicious activity associated with ransomware transactions in 2021 was $590 million, exceeding the total value reported for all of 2020.

Though standalone cyber insurance policies are new in the industry, they have grown in the last decade to account for increased risks and corresponding insurer and regulatory scrutiny. According to a December 2020 National Association of Insurance Commissioner’s Report, premiums in cyber policies totaled $3.15 billion, doubling since 2015, and demand for standalone policies increased 24%.

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