Over recent years, the insurance markets have realized that cyber liability needs have evolved, and many insurance carriers offer standalone cyber policies to help protect businesses from the devastating costs of an attack. Included in many of these policies is business interruption coverage.
The disasters of 2020 will likely live in infamy for decades to come. There were 22 disaster events last year that caused, at a minimum $1 billion in damage. The total count for those 22 disasters? $95 billion and 261 people dead. If that cost and death toll seems low, it’s because it is. The impacts of the COVID-19 pandemic are still being counted. While many industries suffered throughout 2020, healthcare has shouldered a continuous burden.
Fraud is an ever-evolving crime with fraudsters continually adopting new methods and concocting schemes to suit the conditions of the times. Currently, during the COVID-19 pandemic, fraudsters are creating new ruses by manipulating society’s changing needs and priorities. Fraudsters were particularly adept at playing on human emotions, concerns, and fears. As companies and individuals navigate these unusual times, the atmosphere is ripe with opportunities for schemes.