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.

• Date: 10 September 2022
• Published date: 10 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...