Despite a significant uptick in cybersecurity lapses, the average cost of cyber insurance only rose by 5% in 2019, according to a recent report.
In some ways, this is good news for companies as cyber insurance has become an important commodity in today’s dangerous digital environment. However, the report also found that the insurance industry is getting more adept at controlling its own losses by imposing high deductibles and offering limited payouts.
For instance, the sub limit on a $1 million ransomware policy can be as low as $25,000, and deductibles often exceed $10,000.
At the same time, the cost of a data breach is escalating quickly, and insurance payouts aren’t adjusting to this new reality, meaning that, even with an insurance reimbursement, companies often incur significant direct losses from a data breach.
Taken together, it underscores the importance of a strong defensive posture when it comes to cybersecurity risks as there are no helpful or affordable options once a data breach occurs.
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