Only 2 in 10 organisations are fully confident that their cyber insurance will cover their cyber risk in 2023, research study by CSI Ltd finds>
Global Security Mag – CSI
A new research report by CSI Ltd[1] looking into the top concerns of cyber security decision makers finds that only 2 in 10 (19%) are fully confident that their cyber insurance will cover their cyber risk in 2023. Less than a third (29%) were fully confident that they were compliant with the new stricter terms that insurance companies are now stipulating. The rise of ransomware attacks, and insurance companies paying hundreds of millions in cybersecurity-related claims each year are being blamed for organisations now facing rising cyber insurance rates, tightening of standards, and limiting coverage. With average ransom payments reaching $812,000 during 2021, the true cost of ransomware is in fact much more when the cost of downtime and reputational damage is factored in.
Link: https://www.globalsecuritymag.com/Only-2-in-10-organisations-are-fully-confident-that-their-cyber-insurance-will.html