How Cyber Insurance Can Guard Enterprises Against Class Action Lawsuits
The legal consequences of cyberattacks, such as class-action lawsuits on behalf of victim third-parties, are a growing worry of business owners, and businesses without cyber insurance are vulnerable to cybercrime and any consequential litigation, according to Solace Insurance.
Of 258 executives polled in a recent study by market research firm Penn Schoen Berland, three-quarters say that legal compliance issues are making their organizations think more about cyber risks, according to a press release. While the majority (85 percent) named cyberattacks as their greatest risk, less than 20 percent of companies purchase cyber insurance to protect themselves against this increasingly common cause of loss.