In an era defined by the rapid digitization of business operations and the constant threat of cyberattacks, the need for cyber insurance has become increasingly evident. Companies of all sizes are vulnerable to data breaches, ransomware attacks, and other cyber threats that can result in significant financial losses and damage to their reputation. Cyber insurance has emerged as a vital tool to mitigate these risks and protect the modern business landscape.

In 2023, many people have noted an increase in their property and casualty insurance rates. This might seem puzzling, but there are simple reasons behind this change. In this article, we'll explore why you may have noted an increase in your insurance rates.