From botnets to phishing, stock price manipulation to ATM hacking, online crime has been popping up in the news with an increasing frequency. Although it is difficult to quantify how much cybercrime is actually taking place out there – especially because many companies don’t report attacks – in 2005, an FBI source estimated that the annual losses to businesses emanating from cybercrime in the US alone amounted to over 67 billion USD. In all likelihood, this figure may have doubled, if not tripled since then. As a result, the need to have technology insurance coverage in place is more important than ever before.
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