Cyberattacks are more common, costly and consequential than ever. VMware Carbon Black found that up to 99% of U.K. companies have suffered data breaches in the past 12 months. Hiscox reported that a U.K. SME is successfully hacked every 19 seconds. Chainalysis found that organizations have paid out $1.3 billion to ransomware hackers since 2020.
In the wake of these statistics, cyber professionals are scrambling to stop the tide. Or, at least, slow it down.
Cyber insurance is an emerging life raft for stranded cybersecurity professionals. It’s easy to see why. We have insurance for pretty much everything else; why not for something as costly as cyberattacks?
Unfortunately, it’s not that simple. Cyber insurance has the potential to be a key weapon in the cybersecurity arsenal, but it has a few kinks to work out first.