Cyber Insurance is a good idea but may not be a silver bullet
Insurance companies are reluctant to pay out the total cost of a cyber attack
Cyber attacks are on the rise. C-Level management from the CEO to the CIO are looking for solutions and protection. One protection is insurance to help recover the cost of restoration and ransomware payments. Insurance may not be what is advertised as insurance companies try to minimize payouts that they have to make.
We have identified shortfalls in recovery payouts from Cyber Insurance that companies have seen in a survey of 316 companies that had applied for a payout due to a cyber attack.
Reasons why Cyber Insurance payouts are reduced
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