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As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. About $6.5 billion in direct written premiums were recorded in 2021, a 61% increase over the prior year, according to an October 2022 memorandum from the National Association of Insurance Commissioners. “Some companies see it as essential to their risk management strategy,” says Heather Engel, managing partner at advisory firm Strategic Cyber Partners.

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