Cyber insurance costs pressure business budgets
Cyber insurance is a type of insurance policy that provides financial protection and support to individuals and organizations in the event of cyber incidents, including data breaches, hacking, ransomware attacks, and other cyber threats. It typically covers expenses such as data recovery, legal fees, notification costs, public relations efforts, and regulatory fines, helping policyholders manage the financial impact and recovery process following a cyberattack or data breach.
In this Help Net Security round-up, we present segments from previously recorded videos in which security experts in the field talk about how raising cyber insurance costs impact businesses.
- 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.
- Chris Denbigh-White, Global Director of Customer Success for Next DLP, discusses how, with the increasing number of breaches, insurers are left with no choice but to increase premiums, making the notion of insuring cyber risk unrealistic, leaving businesses paying the highest premiums to date.
- Fawaz Rasheed, Field CISO at VMware, discusses how cyber insurance remains the high tide that rises ships.