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When faced with unrelenting cyber attacks, many organizations turn to their insurance company to cover their losses. In fact, the Harvard Business Review reported that a cyber insurance program exceeded $1 billion for the first time in 2020.
While organizations of every size can find themselves under attack, the Hanover Insurance Group found that over 40 percent of U.S. businesses had either no cyber insurance or limits of $1 million or less, which doesn’t cover the average costs of a cyber attack.
Now, in response to exponentially increasing losses associated with cyber attacks—particularly those involving ransomware—a growing number of insurance companies face mounting losses related to their cyber insurance policies and have abandoned the sector. In addition, others reduced coverage, increased premiums, or amended policies to be less attractive.
Why do so many businesses lack coverage, and how can your business secure the cyber insurance it needs?
In the Cyber Insurance Buyer’s Guide, we help you understand the changes to the cyber insurance marketplace and provide tips on how to qualify and maintain coverage as insurers evolve their approach.