The continually growing volume of cyberattacks and online threats is helping to make the purchase of cyber insurance a regular occurrence for many organizations. While insurance has typically been the domain of the organization’s board of directors, in partnership with the CFO, the technical nature of cyber-risk means the CISO is increasingly being asked to be part of the conversation.
Indeed, cyber insurance has become the norm for many organizations. More than half of the respondents in Dark Reading’s most recent Strategic Security Survey say their organizations have some form of cyber insurance coverage. While 29% say cyber insurance coverage is part of a broader business insurance policy, 28% say they have a policy specifically for cybersecurity incidents. Nearly half of the organizations (46%) say they have a policy that covers ransomware payments.
A cyber insurance policy helps organizations pay for at least some of the financial losses they may incur in the event of an attack or data breach, such as costs related to investigating and responding to the incident, remediation, crisis communications, ransom/extortion payments, legal liabilities, and loss of revenue. While…
