Cybersecurity Insurance Risks

Looking at the general insurance landscape, cybersecurity insurance has become vital due to COVID-19. More than ever, companies that work remotely with insufficient cybersecurity defenses face a significant risk of cyberattacks. Cyberattacks classified as a major global risk according to the Global Risks Report 2021 caused data breach costs amounting to 4.24 million USD in 2020¹.

In 2021, companies such as Bose, LinkedIn, Facebook, Clubhouse, and Volkswagen faced security breaches resulting in stolen customer information including usernames, social security numbers, phone numbers, etc.

In 2020, Turkey was also a target of cybercriminal activities causing a number of the country's industry leaders to face administrative fines and loss of reputation. A blockbusting hacking incident occurred at Yemeksepeti, Turkey's biggest online food company, in which it is said that over 21,500,000 of its users' phone numbers, usernames, and passwords were stolen. The