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Looking back over recent years, ransomware has been an ongoing security threat for companies around the world. Digital transformation has accelerated — largely due to the rise in remote work resulting from the COVID-19 pandemic. Unfortunately, as companies went increasingly digital, a new opportunity emerged for cyber criminals to maximize profit by exploiting this new reality.

As seen in the below graphics, based on data collected by the University of Cambridge, ransomware cyber insurance claims have grown at an alarming rate over the past five years.

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