Cyberattacks like M&S Raise Alert: Is Your Business Secured?

The devastating cyberattack on Marks & Spencer underscores the growing vulnerability of businesses and the vital importance of adequate cyber insurance.

The incident, which has paralyzed M&S's online operations, causing millions in losses and reputational damage, is a stark reminder of the cyber risks facing businesses of all sizes.

Events of this magnitude will likely have consequences for the insurance market:

* Higher premiums: Insurers will adjust prices in response to the perceived increase in risk.

* Stricter requirements: Companies will be required to take greater security measures to qualify for a policy.

* Coverage Reassessment: Coverage may be limited for certain types of attacks (ransomware) or for prolonged losses due to business interruption.

It's crucial for businesses to review their current policies and assess whether their coverage is adequate for modern threats.

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