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DarkReading.com reported that “Organizations do not have sufficient levels of cyber insurance coverage to protect themselves in the event of a ransomware attack, with only 14% of businesses with 1,400 or fewer employees showing higher coverage limits. at $600,000. The August 11, 2022 article titled “Cyber insurance failure: most companies are not covered by ransomwareincluded these comments on a “BlackBerry and Corvus Insurance survey of 450 enterprise decision makers for IT and security solutions”:
Nearly six in 10 respondents (59%) said they hoped the government would cover damages when future attacks were linked to other nation states, and half of small and medium-sized enterprise (SME) respondents said said they hoped Uncle Sam would increase financial aid in any ransomware incidents.
The survey also found that the increase in software requirements demanded by insurance brokers is making cyber insurance more difficult to obtain – more than a third of respondents said they had been denied cover due to endpoint detection and response (EDR) software requirements not met.
Overall, the results indicated that even when organizations have cyber insurance, coverage lacks essential elements, with 43% of survey respondents not being covered for ancillary costs, including litigation or employee downtime.
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