cyber insuranceHeadlines about massive cyber incidents at major companies have become almost routine. It is now universally agreed that every company should expect to confront a data breach or other type of cyber incident at some point, and some commentators even anticipate that most companies will face at least one successful cyberattack this year. The annual economic consequences of commercial cybercrime are projected to hit $6 trillion by 2021, according to a report by Cybersecurity Ventures, with the estimated average cost of each of these incidents approaching $4 million. Attacks are perpetrated by a range of wrongdoers, from disgruntled employees and other internal actors to criminal syndicates, nation states, political activists and other external actors.

Types of Cyber Incidents

Commercial cyber incidents take many different forms, including:

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