Securing cyber insurance takes a team and strategy. (Credit: Mikolette Moller/ Stock) Securing cyber insurance takes a team and strategy. (Credit: Mikolette Moller/ Stock)

Cyber insurance is mission-critical to protect nearly every business, especially as today’s organizations face unprecedented risk. And with the average cost of a ransomware attack hitting $4.5 million in 2022, insurers are demanding that their clients do more to protect themselves against attacks.

Because of this, cyber insurance premiums are becoming increasingly expensive, with tighter underwriting requirements and more policy exclusions. In fact, only 55% of organizations in North America held cyber insurance policies in 2022, and a mere 20% have ransomware coverage exceeding more than $600,000.

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