Cyber Preparedness – Cyber Insurance Considerations

A new study from BlackBerry and Corvus Insurance examines the state of cyber insurance and offers recommendations for helping close the gaps in coverage affecting organizations of all sizes. The study revealed many concerning gaps in cyber insurance. Only around one fifth of all businesses surveyed have cyber insurance coverage above the median ransomware demand of $600,000. Relatedly, among small and medium businesses (SMBs) with fewer than 1,500 employees, only fourteen percent have coverage limits above $600,000. These coverage limits can put many companies at significant risk since ransomware attacks costs typically average in the millions, according to IBM. Acquiring cyber insurance can also be a challenge. For example, thirty-four percent of respondents in the BlackBerry study said they had been denied coverage for not meeting specific endpoint detection and response (EDR) software requirements. Access the original study at BlackBerry or read a relevant article here.