There has been a 70%+ increase in the average cost of a cybercrime to an organization over five years to $13mn and a 60%+ increase in the average number of security breaches, a recent report reveals.

Losses resulting from external incidents, such as DDoS attacks or phishing and malware/ransomware campaigns, account for 85% of the value of claims, followed by malicious internal actions (9%) – which are infrequent but can be costly.

To select suitable cyber insurance for your business, you need to think about a variety of factors. We’ve talked to several industry professionals to get their insight on the topic.