Cybersecurity insurance: Once optional, now essential
Second, cybersecurity insurance is changing just as rapidly. Traditionally, it served as a safety net, allowing business leaders to rest easy. However, it’s now clearly awakening them with cybersecurity premiums doubling, tripling and even quadrupling.
The stakes are high, whether it’s the Joint Commission warning hospitals to plan to be down for a month or more following an attack, or the startling number of organizations that go out of business after a breach. Underwriters have recognized the trends and are adjusting for risk more appropriately. To secure the most affordable policy and premium pricing, it’s crucial for business leaders to make sure their house is in order.