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A new report shows that as the severity and sophistication of cyberattacks has increased along with the financial consequences, many companies have been prompted to invest in or review their cybersecurity insurance.
The high costs, both financial and reputational, of dealing with a cyberattack along with tighter regulations that means attacks must be reported have meant that many more organizations are seeking to protect themselves with cyber insurance.
A new report from cyber insurance provider Coalition shows a 12 percent increase in cyber claims over the first six months of this year, driven by the notable spikes in ransomware and funds transfer fraud (FTF).
A new survey of over 300 organizations in the US finds that the time and effort to obtain cyber insurance is increasing significantly.
Cyber insurance has often been seen by business leaders as a monetary guarantee that even if hackers do break into their networks and steal their data, they can still escape financially unscathed.