With cyber attacks on the rise, companies, institutions and local governments are facing the specter of financial catastrophe and damaged reputations if they end up the next victim.
Enter cyber insurance, a buzzy new product that’s intended to mitigate the fallout from attacks, which often pack a big financial punch.
The average cost of a data breach globally was $3.8 million last year, a 6.4 percent uptick from 2017, according to a study by IBM Security and the Ponemon Institute.
After a massive attack in 2013, Target paid $18.5 million as part of a multi-state settlement. Baltimore made headlines in recent months after being hit by a ransomware attack in May, and two cities in Florida recently agreed to pay hackers hundreds of thousands of dollars to take back control of their computer systems.
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