Dive Brief:
- Companies with cyber insurance coverage are reducing risk and are more likely to detect, respond and recover from data breaches and malicious attacks, compared to organizations without coverage, according to two reports released this week.
- An At-Bay commissioned survey conducted by Omdia shows cyber insurance is helping to drive proactive security measures, mitigation strategies and targeted spending. More than 7 in 10 respondents said they view cyber coverage as important or critical to their company, and reported increased spending on proactive security solutions over the past 12 months.
- A separate report from Forrester showed 1 in 4 global companies with standalone cyber insurance coverage were able to detect and respond to incidents in seven days or less, compared with 19% of businesses with no coverage or 18% with cyber coverage bundled into another policy.
Dive Insight:
The reports highlight the important role insurance coverage plays in cyber mitigation efforts and risk reduction.
Companies view insurance coverage as an important factor in mitigating against data breaches, malicious attacks and…
