Cision: Owing to technological advancements, the world today is living in a digital era and the adoption of cloud solutions has increased significantly. While digitalization has numerous benefits, it has also resulted in the rise in number of cyber-attacks across the globe. Hackers are increasingly breaching personal data of people, including credit card numbers, social security number, email addresses, and passwords. Attributed to this, the need for cyber insurance has been growing substantially as well.