What cyber insurance really covers
With cybersecurity threat vectors evolving every day and with attackers employing a more innovative and unpredictable approach through combining various types of attack, it’s no surprise that the global cyber insurance market is expected to grow from a worth of $7bn in gross written premiums (GWP) in 2020 to $20.6bn by 2025, according to GlobalData.
In this Help Net Security video, Manoj Bhatt, Head of Security and Advisory at Telstra Purple, discusses how with increasing product complexity and compliance requirements, ever-rising product premiums, and access to cover restricted for many organizations, many security teams are questioning the value of cover in the first place.
Businesses are under no illusions: cybercriminals are capable of causing severe business disruption, but when cover only supports post-breach recovery, and the costs of said breaches are often much less than the cost of premium excesses, many a CISO starts questioning the value of the investment versus increased investment in resilience strategies.
Is it better to invest in compensating controls vs. insurance to protect yourselves?