Cost of cyber insurance rises as the number of cyber-attacks increase

As the number of cyber-attacks increases, so does the cost of cyber insurance. Ransomware attacks, in particular, have become more common, and often result in businesses having to pay large sums of money to regain access to their data. In addition, the cost of repairing damage from a cyber-attack can be significant. As a result, many businesses are finding it difficult to justify the expense of cyber insurance. However, the cost of not being insured can be even higher. A recent study found that businesses that are not insured are three times more likely to go out of business after a cyber-attack than those that are insured. As the frequency and cost of cyber-attacks continue to rise, so does the importance of having adequate insurance coverage.