Given the rise of ransomware, breaches and cyberattacks — and the accompanying risk of reputational damage, compliance violations, penalties and IP loss — many organizations have begun looking to cyber insurance to protect themselves from the financial damage associated with an attack. Others are struggling with the escalating cost of cyber insurance and the need to demonstrate a strong security posture.
However, the potentially exorbitant cost of such claims and the complexity of safeguarding increasingly complex digital ecosystems means that such coverage can be pricey. Plus, qualifying for a policy isn’t a given. Even with coverage, organizations that suffer an attack can find that an oversight in their security stance leaves them with a rejected claim. Relying solely on cyber insurance to protect an organization’s IP, customer data, and public reputation is a risky bet.