These days, the definition of cyber insurance has changed drastically and companies have understood how beneficial cyber insurance is for their businesses. A research was conducted by Cowbell cyber and according to the study, nearly 65% of small and medium-sized businesses (SMEs) are planning to spend more money on cyber insurance as part of their cyber resilience plan in the next two years. Nowadays, cybercriminals have become more conscious and are employing newer approaches to create havoc on the victims. As cyber insurance is flourishing day by day, industries have