Cyber attacks and ransomware attacks have been making the news continuously. Almost to the point where they are coming out of nowhere. Why are we as a society and businesses so at risk? There is a greater number of devices than ever on the internet, and it is growing significantly every day. With so many attack vectors, it is almost no longer a question of whether or not a company will get hacked, but when. Many of us do the standard levels of security such as antivirus and antispyware, maybe some of us do a bit more such as using VPNs and complex passwords, yet all of these steps aren’t enough when it comes to fighting the modern threats of ransomware. Cyber insurance may be a valid answer.
Can cyber insurance cure all ills? While it is quite useful, it should not be looked at as a magic bullet solution. Virtually any system in modern times has the potential to be hacked and compromised, so don’t think of cyber insurance as preventative but rather a good insurance policy to try to recoup some losses. There have even been cases where a hacker will infiltrate a company network, find the policy that the company has, and then show the company a copy of their cyber insurance policy! The attacker will then ask for the policy maximum as ransom. Never a dull moment in the world of cyber security, you could say.
Want to learn more about cyber insurance and why it matters? Check out the visual deep dive for more: