Pressure from digital threats continues to mount for businesses across the globe and cyber premiums continue to grow beside those stressors. Gallagher reported the median rate for cyber coverage was 37%, while some companies saw rate growth in excess of 83%.
Although costs associated with cyber insurance are increasing, coverage for these events is a vital piece of a company's cyber risk management arsenal, according to the American Property Casualty Insurance Association (APCIA). In addition to reimbursement for losses such as ransomware payments, cyber insurance can also offer pre- and post-incident services, including employee training and testing, vulnerability assessments, detection capabilities, and forensic and legal expertise.
Insurance coverage for cyber events can also give companies access to ransomware specialists, who have knowledge and experience on the likelihood of receiving decryption keys, the variety of ransomware strain and whether the hacker is potentially on the sanctions nexus, APCIA reported.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
