A new report has hit the cyber cover situation head on revealing that: just 55% of organizations currently have cyber insurance, and of those, most policies have limits far lower than the cost of the average attack.

Date10 September 2022

* A new report has hit the cyber cover situation head on revealing that: just 55% of organizations currently have cyber insurance, and of those, most policies have limits far lower than the cost of the average attack.

KEY FINDINGS OF THE REPORT ISSUED BY BLACKBERRY INCLUDE:

* Only 55% of respondents currently have cyber insurance, while over half (56%) of the insured are only covered up to $600,000 - not even enough to cover the median ransomware demand of 2021.

* Businesses are concerned about how they would cover the costs of a cyberattack. Many say they would like government assistance in paying for ransomware attacks (44%), a figure which rises to an even 50 percent amongst businesses with under 1500 employees.

* The importance of cyber insurance in business deals is growing with 60% of respondents claiming they would be hesitant to enter a new agreement with any organization lacking cyber insurance

* Two-thirds of respondents said they would reconsider a partner or buyer relationship due to poor cybersecurity practices or a breach.

* The biggest challenges organizations face with cyber insurance are lack of transparency from insurance companies about what will be covered (49%) and costly premiums (57%), which will only get worse with 85% seeing some sort of increase in their cyber insurance premiums over the last 12 months.

The BlackBerry Limited (NYSE: BB) (TSX: BB) Cyber Insurance Coverage study, shows businesses are increasingly concerned about how they will meet ransomware demands. Only 19 percent of those surveyed have ransomware coverage limits above $600,000, while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states. Small-tomedium sized businesses (SMBs) - who have become a favorite criminal target - are especially feeling the heat. Of businesses with under 1,500 employees, only 14 percent have a coverage limit in excess of $600,000. A recent Forrester report estimated that a typical data breach would cost the average organization $2.4 million to investigate and recover. Perhaps unsurprisingly, 50 percent of SMB respondents hoped the government would...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT