Why do cybercriminals target insurance companies?

Since 2016, the finance and insurance industry has consistently ranked first in the top 10 industries that are attacked the most by cybercriminals. The number of cyberattacks in the insurance sector, specifically, has grown exponentially. Even the sector’s giants fell victim to cyberattacks in 2020 and 2021:

Cybersecurity insurance provider Chubb was hit by the Maze ransomware group.