For businesses looking to protect themselves from cyber threats, the landscape is tough. We’re witnessing premiums increasing and cover decreasing, characteristics of a ‘hard market’ in the insurance industry that is now the longest on record, extended by current economic uncertainty.
This leaves businesses having to make difficult choices about where to spend their money, creating a trade-off between investing in IT security vs. investing in insurance protection in case that security fails. This should not be an either/or decision: insurance has a key role to play in protecting businesses against unforeseeable or unprotectable events, and in helping foster best practices in preventative security and incident response.
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